The case involves an appeal against an impugned order pronounced on 2022-12-23, which was reserved on 2022-11-11. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 2022-11-14 based on an application under Section 7 filed by the State Bank of India. This fact was allegedly not brought to the Court's notice. Punjab National Bank sent an email to the Corporate Debtor on 2022-12-23, informing them that a One Time Settlement of Rs.86 Crores is under process and has been placed before the competent authority for sanction. The appellant argues that a second CIRP cannot be initiated since CIRP has already been initiated against them.
The State Bank of India filed an application under Section 7, leading to the initiation of CIRP against the Corporate Debtor on 2022-11-14. The Appellant contends that the initiation of CIRP was based on facts that were not fully disclosed to the court. Punjab National Bank sent an email to the Corporate Debtor on 2022-12-23, informing them about a One Time Settlement (OTS) of Rs.86 Crores, which is currently under process and awaiting sanction. The Appellant argues that since CIRP has already been initiated against them, a second CIRP cannot be initiated. The impugned order was pronounced on 2022-12-23, having been reserved on 2022-11-11.
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The impugned o…
CIRP was initiated against the Corporate Debtor…
The case involves an appeal against an impugned order pronounced on 2022-12-23, which was reserved on 2022-11-11. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 2022-11-14 based on an application under Section 7 filed by the State Bank of India. This fact was allegedly not brought to the Court's notice. Punjab National Bank sent an email to the Corporate Debtor on 2022-12-23, informing them that a One Time Settlement of Rs.86 Crores is under process and has been placed before the competent authority for sanction. The appellant argues that a second CIRP cannot be initiated since CIRP has already been initiated against them.
The State Bank of India filed an application under Section 7, leading to the initiation of CIRP against the Corporate Debtor on 2022-11-14. The Appellant contends that the initiation of CIRP was based on facts that were not fully disclosed to the court. Punjab National Bank sent an email to the Corporate Debtor on 2022-12-23, informing them about a One Time Settlement (OTS) of Rs.86 Crores, which is currently under process and awaiting sanction. The Appellant argues that since CIRP has already been initiated against them, a second CIRP cannot be initiated. The impugned order was pronounced on 2022-12-23, having been reserved on 2022-11-11.
The impugned o…
CIRP was initiated against the Corporate Debtor…