The case involves an appeal against an order dated 09.05.2024, which admitted a Section 7 application filed by Canara Bank. The appellant, ARJ Infra & Tolling Ltd., claims to have been in the process of complying with an OTS (One-Time Settlement) offer from the bank, having deposited Rs. 45 Crores. The appellant requested a stay on the proceedings under Section 7, arguing that they are ready to comply with the OTS sanctioned by the bank.
ARJ Infra & Tolling Ltd. filed an appeal against an order dated 09.05.2024, which admitted a Section 7 application filed by Canara Bank. The appellant claimed to have received an OTS offer from the bank on 08.05.2024 and deposited Rs. 45 Crores towards the OTS. The appellant argued that they are ready to comply with the OTS sanctioned by the bank and requested a stay on the proceedings under Section 7. Canara Bank communicated details of the bank account on 13.05.2024. The appellant has already deposited Rs.45 Crores. The key fact is the ongoing OTS process and the appellant's deposit, which influenced the court's decision to stay the order admitting the Section 7 application.
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The case involves an appeal against an order dated 09.05.2024, which admitted a Section 7 application filed by Canara Bank. The appellant, ARJ Infra & Tolling Ltd., claims to have been in the process of complying with an OTS (One-Time Settlement) offer from the bank, having deposited Rs. 45 Crores. The appellant requested a stay on the proceedings under Section 7, arguing that they are ready to comply with the OTS sanctioned by the bank.
ARJ Infra & Tolling Ltd. filed an appeal against an order dated 09.05.2024, which admitted a Section 7 application filed by Canara Bank. The appellant claimed to have received an OTS offer from the bank on 08.05.2024 and deposited Rs. 45 Crores towards the OTS. The appellant argued that they are ready to comply with the OTS sanctioned by the bank and requested a stay on the proceedings under Section 7. Canara Bank communicated details of the bank account on 13.05.2024. The appellant has already deposited Rs.45 Crores. The key fact is the ongoing OTS process and the appellant's deposit, which influenced the court's decision to stay the order admitting the Section 7 application.
Canara Bank issued a…
Order passed admitting…
Sign in to view related legal provisions.