This is a Company Appeal (AT) (Insolvency) No. 1289 of 2024 arising out of an order dated 04.06.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Court-V, New Delhi Bench in Company Petition IB (IBC) No.718/ND/2022. The appeal was filed by a Suspended Director of the Corporate Debtor challenging the order admitting an application under Section 7 filed by the Union Bank of India. The Appellant claimed that the application was barred by Section 10A of the IBC.
The Corporate Debtor, M/s. I World Business Solutions Pvt. Ltd., availed credit facilities from the State Bank of India, which were later taken over by Andhra Bank (now Union Bank of India). Andhra Bank renewed the facilities, and by sanction letter dated 23.07.2019, reviewed and renewed the existing working capital limits. By sanction letter dated 16.09.2017, Andhra Bank issued a sanction for cash credit of Rs.50,00,00,000/- and Bank Guarantee renewal of Rs.10,00,00,000/-. By sanction letter dated 16.09.2020, Union Bank of India sanctioned a Funded Interest Term Loan of Rs.3,21,63,265/-. Due to COVID-19, Union Bank of India sanctioned Rs.10 Crores as Guaranteed Emergency Credit Line (GECL). On 25.03.2021, a sanction letter was issued reviewing and renewing the
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State Bank of India…
Andhra Bank issued a sanction for cash credit…
This is a Company Appeal (AT) (Insolvency) No. 1289 of 2024 arising out of an order dated 04.06.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Court-V, New Delhi Bench in Company Petition IB (IBC) No.718/ND/2022. The appeal was filed by a Suspended Director of the Corporate Debtor challenging the order admitting an application under Section 7 filed by the Union Bank of India. The Appellant claimed that the application was barred by Section 10A of the IBC.
The Corporate Debtor, M/s. I World Business Solutions Pvt. Ltd., availed credit facilities from the State Bank of India, which were later taken over by Andhra Bank (now Union Bank of India). Andhra Bank renewed the facilities, and by sanction letter dated 23.07.2019, reviewed and renewed the existing working capital limits. By sanction letter dated 16.09.2017, Andhra Bank issued a sanction for cash credit of Rs.50,00,00,000/- and Bank Guarantee renewal of Rs.10,00,00,000/-. By sanction letter dated 16.09.2020, Union Bank of India sanctioned a Funded Interest Term Loan of Rs.3,21,63,265/-. Due to COVID-19, Union Bank of India sanctioned Rs.10 Crores as Guaranteed Emergency Credit Line (GECL). On 25.03.2021, a sanction letter was issued reviewing and renewing the
…State Bank of India…
Andhra Bank issued a sanction for cash credit…