The writ petition seeks intervention against an order dated 18th October 2021, passed by the Reviewing Authority regarding Wilful Defaulter proceedings initiated by the State Bank of India. The bank had communicated the order to RBI, CIBIL, and other sites. The petitioner, Adarsh Jhunjhunwala, is contesting the proceedings, arguing that the moratorium under Section 96 of the IBC should apply to him. The bank contends that wilful defaulter proceedings are distinct from debt recovery and are not covered by the moratorium under Section 96. The petitioner was associated with JVL Agro Industries Ltd, which enjoyed credit facilities from the bank. Insolvency proceedings were initiated against JVL Agro Industries Ltd under Section 7 of the IBC.
M/s. JVL Agro Industries Ltd was a constituent of State Bank of India and enjoyed credit facilities. The petitioner, Adarsh Jhunjhunwala, and his family controlled the majority shareholding in JVL Agro Industries Ltd. Jhunjhunwala was also a promoter/director and the main person behind the corporate debtor, M/s. JVL Agro Industries Ltd. Insolvency proceedings, being CP (IB) No. 223/ALD/2018, were initiated against JVL Agro Industries Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The resolution plan for JVL failed, and the company was directed to be wound up. The bank issued a show-cause notice to Jhunjhunwala under the Wilful Defaulter Guidelines on 7th November 2019. During the pendency of these proceedings, an application under Section 95 of
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Insolvency proceedings, being CP (IB) No.…
The bank issued a show-cause notice to the…
The writ petition seeks intervention against an order dated 18th October 2021, passed by the Reviewing Authority regarding Wilful Defaulter proceedings initiated by the State Bank of India. The bank had communicated the order to RBI, CIBIL, and other sites. The petitioner, Adarsh Jhunjhunwala, is contesting the proceedings, arguing that the moratorium under Section 96 of the IBC should apply to him. The bank contends that wilful defaulter proceedings are distinct from debt recovery and are not covered by the moratorium under Section 96. The petitioner was associated with JVL Agro Industries Ltd, which enjoyed credit facilities from the bank. Insolvency proceedings were initiated against JVL Agro Industries Ltd under Section 7 of the IBC.
M/s. JVL Agro Industries Ltd was a constituent of State Bank of India and enjoyed credit facilities. The petitioner, Adarsh Jhunjhunwala, and his family controlled the majority shareholding in JVL Agro Industries Ltd. Jhunjhunwala was also a promoter/director and the main person behind the corporate debtor, M/s. JVL Agro Industries Ltd. Insolvency proceedings, being CP (IB) No. 223/ALD/2018, were initiated against JVL Agro Industries Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The resolution plan for JVL failed, and the company was directed to be wound up. The bank issued a show-cause notice to Jhunjhunwala under the Wilful Defaulter Guidelines on 7th November 2019. During the pendency of these proceedings, an application under Section 95 of
…Insolvency proceedings, being CP (IB) No.…
The bank issued a show-cause notice to the…