The appeal was filed against the order dated August 27, 2019, passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench, in CP 1003 (IB) / MB / 2019. The Adjudicating Authority admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by Allahabad Bank, initiating the Corporate Insolvency Resolution Process (CIRP). The appellant raised grievances that Allahabad Bank was part of a consortium led by IDBI, and an inter-se agreement existed between the banks. The appellant argued that Allahabad Bank should have obtained permission from IDBI Bank, giving 15 days' notice before taking action. The respondent argued that Allahabad Bank had declared the appellant's account as NPA on September 30, 2016, and filed the
…Arunkant Rai (Appellant) filed an appeal against an order passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench. The Adjudicating Authority had admitted an application filed by Allahabad Bank (Respondent No. 1) under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Appellant contended that Allahabad Bank was part of a consortium of banks, with IDBI Bank as the leading bank, and that an inter-se agreement existed between these banks. The Appellant argued that Allahabad Bank should have obtained permission from IDBI Bank before initiating action against the Corporate Debtor, giving 15 days' notice. Allahabad Bank had declared the account of
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The appeal was filed against the order dated August 27, 2019, passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench, in CP 1003 (IB) / MB / 2019. The Adjudicating Authority admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by Allahabad Bank, initiating the Corporate Insolvency Resolution Process (CIRP). The appellant raised grievances that Allahabad Bank was part of a consortium led by IDBI, and an inter-se agreement existed between the banks. The appellant argued that Allahabad Bank should have obtained permission from IDBI Bank, giving 15 days' notice before taking action. The respondent argued that Allahabad Bank had declared the appellant's account as NPA on September 30, 2016, and filed the
…Arunkant Rai (Appellant) filed an appeal against an order passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench. The Adjudicating Authority had admitted an application filed by Allahabad Bank (Respondent No. 1) under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Appellant contended that Allahabad Bank was part of a consortium of banks, with IDBI Bank as the leading bank, and that an inter-se agreement existed between these banks. The Appellant argued that Allahabad Bank should have obtained permission from IDBI Bank before initiating action against the Corporate Debtor, giving 15 days' notice. Allahabad Bank had declared the account of
…Allahabad Bank declared…
Allahabad Bank filed an application under…