The case involves two appeals filed by the Director of Corporate Debtor (Respondent No. 2) challenging an order dated 19.02.2020 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which admitted an application filed by Asset Reconstruction Company (India) Ltd. (Respondent No. 1) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, and declared a moratorium. The Corporate Debtor had set up a Thermal Power Plant in Jharkhand, availing loan facilities from a consortium of lenders. Due to continuous default, the account was classified as NPA by the State Bank of India. Respondent No. 1 initiated proceedings under the SARFAESI Act. The NCLT admitted the application, leading to the appeals. Company Appeal (AT) (Insolvency) No. 903 of 2021 was
…The Corporate Debtor decided to set up a Thermal Power Plant in Jharkhand with a capacity of 540 megawatt, later increased to 1080 MW. Between 2009 and 2011, the Corporate Debtor executed Loan Agreements and availed loan facilities aggregating to INR 2175 crores for phase-1 and INR 2387 crores for phase-II of the project. Due to continuous default in payment, the account was classified as NPA by the State Bank of India on 31st July, 2013. On 27th March, 2015, the State Bank of India issued a loan recall notice. Some lenders assigned their debts to Asset Reconstruction Company (India) Ltd. (Respondent No.1). Respondent No.1 initiated proceedings under the SARFAESI Act. On 26th December, 2018, Respondent No.1 filed Company Petition No.(IB)23/KB/2019 under Section 7 of
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The case involves two appeals filed by the Director of Corporate Debtor (Respondent No. 2) challenging an order dated 19.02.2020 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which admitted an application filed by Asset Reconstruction Company (India) Ltd. (Respondent No. 1) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, and declared a moratorium. The Corporate Debtor had set up a Thermal Power Plant in Jharkhand, availing loan facilities from a consortium of lenders. Due to continuous default, the account was classified as NPA by the State Bank of India. Respondent No. 1 initiated proceedings under the SARFAESI Act. The NCLT admitted the application, leading to the appeals. Company Appeal (AT) (Insolvency) No. 903 of 2021 was
…The Corporate Debtor decided to set up a Thermal Power Plant in Jharkhand with a capacity of 540 megawatt, later increased to 1080 MW. Between 2009 and 2011, the Corporate Debtor executed Loan Agreements and availed loan facilities aggregating to INR 2175 crores for phase-1 and INR 2387 crores for phase-II of the project. Due to continuous default in payment, the account was classified as NPA by the State Bank of India on 31st July, 2013. On 27th March, 2015, the State Bank of India issued a loan recall notice. Some lenders assigned their debts to Asset Reconstruction Company (India) Ltd. (Respondent No.1). Respondent No.1 initiated proceedings under the SARFAESI Act. On 26th December, 2018, Respondent No.1 filed Company Petition No.(IB)23/KB/2019 under Section 7 of
…Between 2009 and 2011, the Corporate Debtor…
The account of the Corporate Debtor was…
Sign in to view related legal provisions.