The appellant, Central Bank of India, challenged the order of the Adjudicating Authority regarding I.A. No. 37 of 2024, dated 21.11.2024, where the Resolution Professional (RP) sought approval for the Resolution Plan approved by the Committee of Creditors (CoC).
Central Bank of India extended a loan facility to Cure Life Care Pvt. Ltd. amounting to Rs. 23,08,33,945.
The debt was secured through the fixed assets of Cure Life Care Pvt. Ltd.
Central Bank of India sold the secured assets under the SARFAESI Act and realized part of the loan dues.
The sale was confirmed on 23.05.2019.
Central Bank of India moved the Adjudicating Authority under Section 7 of the IBC for the remaining default amount of Rs. 6,89,38,756.
The application under Section 7 of IBC was admitted, and the resolution process commenced.
The resolution was successful, and the CoC approved the resolution plan of the SRA.
The RP moved I.A. 37 of 2024 seeking approval of the Adjudicating Authority under Section 31 of the IBC.
…Sign in to view the parties.
I.A. No. 37 of 2024 was filed by the RP…
The sale of secured assets by the appellant…
Sign in to view related legal provisions.
The appellant, Central Bank of India, challenged the order of the Adjudicating Authority regarding I.A. No. 37 of 2024, dated 21.11.2024, where the Resolution Professional (RP) sought approval for the Resolution Plan approved by the Committee of Creditors (CoC).
Central Bank of India extended a loan facility to Cure Life Care Pvt. Ltd. amounting to Rs. 23,08,33,945.
The debt was secured through the fixed assets of Cure Life Care Pvt. Ltd.
Central Bank of India sold the secured assets under the SARFAESI Act and realized part of the loan dues.
The sale was confirmed on 23.05.2019.
Central Bank of India moved the Adjudicating Authority under Section 7 of the IBC for the remaining default amount of Rs. 6,89,38,756.
The application under Section 7 of IBC was admitted, and the resolution process commenced.
The resolution was successful, and the CoC approved the resolution plan of the SRA.
The RP moved I.A. 37 of 2024 seeking approval of the Adjudicating Authority under Section 31 of the IBC.
…I.A. No. 37 of 2024 was filed by the RP…
The sale of secured assets by the appellant…
Sign in to view related legal provisions.