The case originates from an application challenging actions related to the Insolvency and Bankruptcy Code (IBC). The petitioner, Visa Industries Limited, challenges the rejection of a proposal for resolution of loan exposure by Punjab National Bank (PNB). The case also involves challenging orders passed by the National Company Law Tribunal (NCLT), Cuttack, related to insolvency proceedings initiated against Visa Industries Limited.
Visa Industries Limited, the petitioner, filed a writ petition challenging the unjust actions of Opposite Party No. 1 (likely Punjab National Bank). The challenge stems from the rejection of a proposal received by Opposite Party No. 1 from Assets Care & Reconstruction Enterprise Limited for resolving the loan exposure of Opposite Party No. 1 in Opposite Party No. 2. The petition also challenges orders dated 2022-11-28 passed by the National Company Law Tribunal (NCLT), Cuttack, in relation to IA (IB) No. 131/CB/2021 in CP (IB) No. 53/CTB/2020 and IA (IB) No. 105/CB/2022 in CP (IB) No. 53/CTB/2020. These applications relate to proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016, where an application filed by Opposite Party No. 1 against Opposite
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Orders passed by Hon'ble National Company…
Date of the letter where a proposal received by…
The case originates from an application challenging actions related to the Insolvency and Bankruptcy Code (IBC). The petitioner, Visa Industries Limited, challenges the rejection of a proposal for resolution of loan exposure by Punjab National Bank (PNB). The case also involves challenging orders passed by the National Company Law Tribunal (NCLT), Cuttack, related to insolvency proceedings initiated against Visa Industries Limited.
Visa Industries Limited, the petitioner, filed a writ petition challenging the unjust actions of Opposite Party No. 1 (likely Punjab National Bank). The challenge stems from the rejection of a proposal received by Opposite Party No. 1 from Assets Care & Reconstruction Enterprise Limited for resolving the loan exposure of Opposite Party No. 1 in Opposite Party No. 2. The petition also challenges orders dated 2022-11-28 passed by the National Company Law Tribunal (NCLT), Cuttack, in relation to IA (IB) No. 131/CB/2021 in CP (IB) No. 53/CTB/2020 and IA (IB) No. 105/CB/2022 in CP (IB) No. 53/CTB/2020. These applications relate to proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016, where an application filed by Opposite Party No. 1 against Opposite
…Orders passed by Hon'ble National Company…
Date of the letter where a proposal received by…