The case involves an appeal against an order related to an insolvency resolution process initiated by Central Bank of India against a corporate debtor. A key asset of the corporate debtor, a hospital and medical college, was acquired by the State of Chattisgarh under a State Act. The acquisition involves compensation to be paid by the government, potentially sufficient to cover the corporate debtor's dues. The appeal concerns the continuation of an interim order and the consideration of the compensation amount in the insolvency proceedings.
Central Bank of India initiated insolvency proceedings against a corporate debtor. The corporate debtor owns a hospital and medical college in Durg, which was acquired by the State of Chattisgarh under the Chandulal Chandrakar Memorial Medical College Acquisition Act 2021. The acquisition mandates compensation to be paid by the State, potentially two times the valuation of the assets. The appellant contends that this compensation will be sufficient to settle the dues of the Central Bank of India and other financial creditors. The Adjudicating Authority admitted the Section 7 application based on debt and default. The appellant argues that the Adjudicating Authority should have considered the acquisition and the compensation amount. The Interim Resolution Professional
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Appellate Tribunal…
State Act 15 of 2021,…
The case involves an appeal against an order related to an insolvency resolution process initiated by Central Bank of India against a corporate debtor. A key asset of the corporate debtor, a hospital and medical college, was acquired by the State of Chattisgarh under a State Act. The acquisition involves compensation to be paid by the government, potentially sufficient to cover the corporate debtor's dues. The appeal concerns the continuation of an interim order and the consideration of the compensation amount in the insolvency proceedings.
Central Bank of India initiated insolvency proceedings against a corporate debtor. The corporate debtor owns a hospital and medical college in Durg, which was acquired by the State of Chattisgarh under the Chandulal Chandrakar Memorial Medical College Acquisition Act 2021. The acquisition mandates compensation to be paid by the State, potentially two times the valuation of the assets. The appellant contends that this compensation will be sufficient to settle the dues of the Central Bank of India and other financial creditors. The Adjudicating Authority admitted the Section 7 application based on debt and default. The appellant argues that the Adjudicating Authority should have considered the acquisition and the compensation amount. The Interim Resolution Professional
…Appellate Tribunal…
State Act 15 of 2021,…