Bank of Baroda (Appellant) filed an intra-court appeal against a Single Judge's judgment dated 10.02.2026, which quashed Look Out Circulars (LOCs) issued against Respondent Nos. 1 and 2 (Vineet Gupta & Ors.). These respondents were promoters/directors of M/s Parabolic Drugs Limited, a borrower company whose loan account was classified as a Non-Performing Asset (NPA) in 2013 and declared 'fraud' in 2016. A Corporate Insolvency Resolution Process (CIRP) was initiated against the borrower company in 2018. Subsequently, the CBI and Enforcement Directorate registered an FIR and ECIR, respectively, against the borrower company and Respondent Nos. 1 and 2. The Appellant Bank requested the LOCs due to apprehension that the respondents might flee to foreign jurisdiction to
…The Appellant Bank claims that M/s Parabolic Drugs Limited (Borrower Company) availed various credit facilities from a consortium of lenders, including the Appellant Bank.
Respondent Nos. 1 and 2 acted as Promoters/Directors of the Borrower Company.
The loan account of the Borrower Company was classified as a Non-Performing Asset on 30.03.2013.
The loan account was subsequently declared 'fraud' on 30.05.2016.
On 23.08.2018, M/s Weather Makers Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against the Borrower Company before the National Company Law Tribunal (NCLT), Chandigarh.
The CIRP was admitted vide order dated 30.08.2018.
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The loan account of the…
The loan account of the…
Bank of Baroda (Appellant) filed an intra-court appeal against a Single Judge's judgment dated 10.02.2026, which quashed Look Out Circulars (LOCs) issued against Respondent Nos. 1 and 2 (Vineet Gupta & Ors.). These respondents were promoters/directors of M/s Parabolic Drugs Limited, a borrower company whose loan account was classified as a Non-Performing Asset (NPA) in 2013 and declared 'fraud' in 2016. A Corporate Insolvency Resolution Process (CIRP) was initiated against the borrower company in 2018. Subsequently, the CBI and Enforcement Directorate registered an FIR and ECIR, respectively, against the borrower company and Respondent Nos. 1 and 2. The Appellant Bank requested the LOCs due to apprehension that the respondents might flee to foreign jurisdiction to
…The Appellant Bank claims that M/s Parabolic Drugs Limited (Borrower Company) availed various credit facilities from a consortium of lenders, including the Appellant Bank.
Respondent Nos. 1 and 2 acted as Promoters/Directors of the Borrower Company.
The loan account of the Borrower Company was classified as a Non-Performing Asset on 30.03.2013.
The loan account was subsequently declared 'fraud' on 30.05.2016.
On 23.08.2018, M/s Weather Makers Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against the Borrower Company before the National Company Law Tribunal (NCLT), Chandigarh.
The CIRP was admitted vide order dated 30.08.2018.
…The loan account of the…
The loan account of the…