This is an appeal against the order of adjournment by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, regarding an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The appellant, a 'financial creditor', filed the application on 12th March, 2018. The Adjudicating Authority adjourned the appeal multiple times without a final order being passed, even after more than 10 months. The matter is now being considered for transfer to the National Company Law Tribunal, Cuttack Bench, which is expected to open on 22nd January, 2019.
IDBI Bank Ltd., the appellant and a 'financial creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Odisha Slurry Pipeline Infrastructure Ltd., the 'corporate debtor', on 12th March, 2018. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, adjourned the appeal multiple times without a final order. More than 10 months have passed since the application was filed. The appeal before NCLAT was preferred against the order of adjournment. The 'corporate debtor' is from the state of Odisha, and the matter may be transferred to the National Company Law Tribunal, Cuttack Bench. The court notes that if there is a 'debt' and 'default', and the record is complete, the application should be admitted. The court
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IDBI Bank Ltd. filed an application under…
Order by NCLAT…
This is an appeal against the order of adjournment by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, regarding an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The appellant, a 'financial creditor', filed the application on 12th March, 2018. The Adjudicating Authority adjourned the appeal multiple times without a final order being passed, even after more than 10 months. The matter is now being considered for transfer to the National Company Law Tribunal, Cuttack Bench, which is expected to open on 22nd January, 2019.
IDBI Bank Ltd., the appellant and a 'financial creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Odisha Slurry Pipeline Infrastructure Ltd., the 'corporate debtor', on 12th March, 2018. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, adjourned the appeal multiple times without a final order. More than 10 months have passed since the application was filed. The appeal before NCLAT was preferred against the order of adjournment. The 'corporate debtor' is from the state of Odisha, and the matter may be transferred to the National Company Law Tribunal, Cuttack Bench. The court notes that if there is a 'debt' and 'default', and the record is complete, the application should be admitted. The court
…IDBI Bank Ltd. filed an application under…
Order by NCLAT…