The Central Bank of India, acting as the Financial Creditor, initiated an appeal against the order passed by the National Company Law Tribunal (NCLT), Cuttack Bench, which had rejected the bank's application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, on the grounds that it was barred by limitation. The bank had extended credit facilities to Himmat Steel Foundry Limited, the Corporate Debtor, whose accounts were declared Non-Performing Assets (NPA) in 1994. A recovery suit was filed, and a decree was passed in favor of the bank by the Debt Recovery Tribunal (DRT) in 2000. The NCLT considered whether the Section 7 petition was filed within the limitation period, concluding it was not, as it was filed after the expiry of three years from the DRT
…Central Bank of India extended credit facilities to Himmat Steel Foundry Limited, which were later classified as Non-Performing Assets (NPA) on October 1, 1994. The bank initiated recovery proceedings, resulting in a Debt Recovery Tribunal (DRT) decree on April 10, 2000, for Rs. 8,68,64,184.29. Another financial creditor, IDBI Bank, also obtained a DRT decree on July 26, 2004, for Rs. 8,97,47,340. The Corporate Debtor proposed a One Time Settlement (OTS) on August 7, 2006. The bank served a notice under Section 13(2) of the SARFAESI Act in 2002 and a possession notice on September 3, 2009. The Corporate Debtor submitted revised OTS proposals, and its financial statements for 2018-19 acknowledged the debt. On March 6, 2020, the bank filed a Section 7 application under
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Accounts of Himmat Steel Foundry Limited…
Debt Recovery Tribunal passed decree in…
The Central Bank of India, acting as the Financial Creditor, initiated an appeal against the order passed by the National Company Law Tribunal (NCLT), Cuttack Bench, which had rejected the bank's application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, on the grounds that it was barred by limitation. The bank had extended credit facilities to Himmat Steel Foundry Limited, the Corporate Debtor, whose accounts were declared Non-Performing Assets (NPA) in 1994. A recovery suit was filed, and a decree was passed in favor of the bank by the Debt Recovery Tribunal (DRT) in 2000. The NCLT considered whether the Section 7 petition was filed within the limitation period, concluding it was not, as it was filed after the expiry of three years from the DRT
…Central Bank of India extended credit facilities to Himmat Steel Foundry Limited, which were later classified as Non-Performing Assets (NPA) on October 1, 1994. The bank initiated recovery proceedings, resulting in a Debt Recovery Tribunal (DRT) decree on April 10, 2000, for Rs. 8,68,64,184.29. Another financial creditor, IDBI Bank, also obtained a DRT decree on July 26, 2004, for Rs. 8,97,47,340. The Corporate Debtor proposed a One Time Settlement (OTS) on August 7, 2006. The bank served a notice under Section 13(2) of the SARFAESI Act in 2002 and a possession notice on September 3, 2009. The Corporate Debtor submitted revised OTS proposals, and its financial statements for 2018-19 acknowledged the debt. On March 6, 2020, the bank filed a Section 7 application under
…Accounts of Himmat Steel Foundry Limited…
Debt Recovery Tribunal passed decree in…