The case involves an appeal against an order dated 27.08.2019 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, which initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Sarda Agro Oils Limited, based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 filed by Allahabad Bank. The appellant, Jagdish Prasad Sarada, the Suspended Managing Director of the company, filed the appeal under Section 61 of the IBC. The NCLT admitted the case based on some payments made by the Appellant- Corporate Debtor into the current account of the Respondent Bank and the last payment being on 19.02.2016. The Respondent Bank had sanctioned credit facilities to the Corporate Debtor, which became
…Jagdish Prasad Sarada, the Suspended Managing Director of M/s. Sarda Agro Oils Limited, filed an appeal against the order of the National Company Law Tribunal (NCLT), Hyderabad Bench, which initiated Corporate Insolvency Resolution Process (CIRP) against the company. The CIRP was initiated based on an application filed by Allahabad Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT admitted the case based on payments made by the Corporate Debtor into the Respondent Bank's account, with the last payment being on 19.02.2016. Allahabad Bank had sanctioned credit facilities to Sarda Agro Oils Limited, but the account became irregular and was declared a Non-Performing Asset (NPA) on 30.09.2015. The bank also took measures under the SARFAESI
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Allahabad Bank sanctioned cash credit…
The Corporate Debtor's…
The case involves an appeal against an order dated 27.08.2019 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, which initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Sarda Agro Oils Limited, based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 filed by Allahabad Bank. The appellant, Jagdish Prasad Sarada, the Suspended Managing Director of the company, filed the appeal under Section 61 of the IBC. The NCLT admitted the case based on some payments made by the Appellant- Corporate Debtor into the current account of the Respondent Bank and the last payment being on 19.02.2016. The Respondent Bank had sanctioned credit facilities to the Corporate Debtor, which became
…Jagdish Prasad Sarada, the Suspended Managing Director of M/s. Sarda Agro Oils Limited, filed an appeal against the order of the National Company Law Tribunal (NCLT), Hyderabad Bench, which initiated Corporate Insolvency Resolution Process (CIRP) against the company. The CIRP was initiated based on an application filed by Allahabad Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT admitted the case based on payments made by the Corporate Debtor into the Respondent Bank's account, with the last payment being on 19.02.2016. Allahabad Bank had sanctioned credit facilities to Sarda Agro Oils Limited, but the account became irregular and was declared a Non-Performing Asset (NPA) on 30.09.2015. The bank also took measures under the SARFAESI
…Allahabad Bank sanctioned cash credit…
The Corporate Debtor's…