M/S. G. M. INFINITE (DWELLING) INDIA PVT. LTD. filed a Writ Petition in the High Court of Karnataka against STATE BANK OF INDIA LIMITED. The petitioner sought interim relief to stay an order and further proceedings pursuant to an order passed by the NCLT, Bengaluru. The petitioner's counsel argued that the impugned order under Section 7 of the Insolvency and Bankruptcy Code, 2016 is not legally sustainable, and the petitioner is willing to deposit Rs. 5 crores with the respondent-Bank.
M/S. G. M. INFINITE (DWELLING) INDIA PVT. LTD. filed a Writ Petition against STATE BANK OF INDIA LIMITED in the High Court of Karnataka. The petitioner sought a stay on an order passed by the NCLT, Bengaluru, in C.P (IB) No.4/BB/2024 dated 2024-07-30. The petitioner's counsel argued that the order under Section 7 of the Insolvency and Bankruptcy Code, 2016, was not legally sustainable, relying on a valuation report indicating significant receivables and the decision in Vidarbha Industries Power Limited Vs. Axis Bank Limited. The petitioner expressed willingness to deposit Rs. 5 crores with the respondent-Bank. The bank's valuation report stated the total completed receivables is Rs.1,50,21,42,000/- and present condition of the villas of the project is valued at
…Sign in to view the parties.
Order passed by NCLT, Bengaluru in C.P (IB)…
High Court of Karnataka hears the writ petition…
M/S. G. M. INFINITE (DWELLING) INDIA PVT. LTD. filed a Writ Petition in the High Court of Karnataka against STATE BANK OF INDIA LIMITED. The petitioner sought interim relief to stay an order and further proceedings pursuant to an order passed by the NCLT, Bengaluru. The petitioner's counsel argued that the impugned order under Section 7 of the Insolvency and Bankruptcy Code, 2016 is not legally sustainable, and the petitioner is willing to deposit Rs. 5 crores with the respondent-Bank.
M/S. G. M. INFINITE (DWELLING) INDIA PVT. LTD. filed a Writ Petition against STATE BANK OF INDIA LIMITED in the High Court of Karnataka. The petitioner sought a stay on an order passed by the NCLT, Bengaluru, in C.P (IB) No.4/BB/2024 dated 2024-07-30. The petitioner's counsel argued that the order under Section 7 of the Insolvency and Bankruptcy Code, 2016, was not legally sustainable, relying on a valuation report indicating significant receivables and the decision in Vidarbha Industries Power Limited Vs. Axis Bank Limited. The petitioner expressed willingness to deposit Rs. 5 crores with the respondent-Bank. The bank's valuation report stated the total completed receivables is Rs.1,50,21,42,000/- and present condition of the villas of the project is valued at
…Order passed by NCLT, Bengaluru in C.P (IB)…
High Court of Karnataka hears the writ petition…