Bank of Baroda filed four appeals challenging the order dated 01.05.2024, passed by the Adjudicating Authority. The Adjudicating Authority had allowed the Restoration Application filed by the Bank of Baroda but imposed a cost of Rs. 1 Lakh. The orders passed in all four Restoration Applications were identical. The application sought recall of the order dated 13.03.2024 and directions for the Restoration / Revival of the Company Petition bearing CP (IB) No. 593/2021 titled "Bank of Baroda through Reshma Mittal vs Udham Singh Sharma".
Bank of Baroda filed four appeals challenging the order dated 01.05.2024, by which the Adjudicating Authority allowed the Restoration Application but imposed a cost of Rs. 1 Lakh. The Adjudicating Authority had dismissed an application on 13.03.2024 for non-prosecution because the Resolution Professional (RP) had not filed reports. The RP had been directed to submit a report under Section 99 of the Insolvency and Bankruptcy Code, 2016. The RP had submitted the report, which was noticed on 27.02.2024, but had not filed the AFA ("Authorisation for Assignment"). The Adjudicating Authority recalled the order but imposed a cost of Rs. 1 Lakh. The amount of claim in this matter is about 14 crores. The court found no reason to impose the cost on the Bank of Baroda,
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Bank of Baroda filed…
Adjudicating Authority allowed the Restoration…
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Bank of Baroda filed four appeals challenging the order dated 01.05.2024, passed by the Adjudicating Authority. The Adjudicating Authority had allowed the Restoration Application filed by the Bank of Baroda but imposed a cost of Rs. 1 Lakh. The orders passed in all four Restoration Applications were identical. The application sought recall of the order dated 13.03.2024 and directions for the Restoration / Revival of the Company Petition bearing CP (IB) No. 593/2021 titled "Bank of Baroda through Reshma Mittal vs Udham Singh Sharma".
Bank of Baroda filed four appeals challenging the order dated 01.05.2024, by which the Adjudicating Authority allowed the Restoration Application but imposed a cost of Rs. 1 Lakh. The Adjudicating Authority had dismissed an application on 13.03.2024 for non-prosecution because the Resolution Professional (RP) had not filed reports. The RP had been directed to submit a report under Section 99 of the Insolvency and Bankruptcy Code, 2016. The RP had submitted the report, which was noticed on 27.02.2024, but had not filed the AFA ("Authorisation for Assignment"). The Adjudicating Authority recalled the order but imposed a cost of Rs. 1 Lakh. The amount of claim in this matter is about 14 crores. The court found no reason to impose the cost on the Bank of Baroda,
…Bank of Baroda filed…
Adjudicating Authority allowed the Restoration…
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