The appeal was filed by HDFC Bank Ltd. under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated February 4, 2025, passed by the National Company Law Tribunal, New Delhi, Court-III. The NCLT had rejected HDFC Bank's application (IA-4610/2022) which sought permission to realize its security interest and deposit dues under Section 53 of the IBC after such realization.
An application under Section 9 of the IBC was filed by an Operational Creditor, M/s PR Rolling Mills Pvt. Ltd., leading to the initiation of the CIRP Process against the Corporate Debtor on April 5, 2022. Subsequently, as no Resolution Plan was approved, liquidation was initiated, and Mr. Vikas Garg was appointed as the liquidator on May 17, 2022.
A public announcement was made under Section 38 of the IBC read with Regulation 12 of the Liquidation Regulations, 2016, inviting claims from stakeholders, with the last date for submission being June 16, 2022. HDFC Bank Ltd. submitted Form D on June 1, 2022, for an amount of Rs. 87,61,99,358.13, seeking to realize its security interest outside the liquidation estate under Section 52 of the IBC.
…CIRP Process initiated against the Corporate…
Liquidation initiated and Mr. Vikas Garg…
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The appeal was filed by HDFC Bank Ltd. under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated February 4, 2025, passed by the National Company Law Tribunal, New Delhi, Court-III. The NCLT had rejected HDFC Bank's application (IA-4610/2022) which sought permission to realize its security interest and deposit dues under Section 53 of the IBC after such realization.
An application under Section 9 of the IBC was filed by an Operational Creditor, M/s PR Rolling Mills Pvt. Ltd., leading to the initiation of the CIRP Process against the Corporate Debtor on April 5, 2022. Subsequently, as no Resolution Plan was approved, liquidation was initiated, and Mr. Vikas Garg was appointed as the liquidator on May 17, 2022.
A public announcement was made under Section 38 of the IBC read with Regulation 12 of the Liquidation Regulations, 2016, inviting claims from stakeholders, with the last date for submission being June 16, 2022. HDFC Bank Ltd. submitted Form D on June 1, 2022, for an amount of Rs. 87,61,99,358.13, seeking to realize its security interest outside the liquidation estate under Section 52 of the IBC.
…CIRP Process initiated against the Corporate…
Liquidation initiated and Mr. Vikas Garg…
Sign in to view related legal provisions.