The case involves three appeals against the order dated 06.06.2022 passed by the National Company Law Tribunal (NCLT), New Delhi, Special Bench (Court-II), concerning three different applications filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC). The NCLT appointed a Resolution Professional to submit a report under Section 99 of the IBC. The appeals arise from similar facts and circumstances, raising similar issues, and are decided by a common judgment. The core issue revolves around the timing of filing an application under Section 94 and 95 of the IBC and its impact on the commencement of moratorium under Section 96.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC) on October 1, 2021. This application was later numbered as Case No. CP-IB 111 of 2022. Krishan Kumar Basia, the Guarantor of M/s. Gee Ispat Private Limited, filed an application under Section 94 of the IBC on October 25, 2021, which was registered as CP-IB 788/2021. SBI's application was filed earlier, but the Guarantor's application was registered earlier. The Guarantor argued that their Section 94 application was effectively filed earlier because it was numbered before SBI's application. The Adjudicating Authority ruled that SBI's application was filed earlier and appointed a Resolution Professional. The key point of contention is whether the date of filing
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State Bank of India…
Krishan Kumar Basia,…
The case involves three appeals against the order dated 06.06.2022 passed by the National Company Law Tribunal (NCLT), New Delhi, Special Bench (Court-II), concerning three different applications filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC). The NCLT appointed a Resolution Professional to submit a report under Section 99 of the IBC. The appeals arise from similar facts and circumstances, raising similar issues, and are decided by a common judgment. The core issue revolves around the timing of filing an application under Section 94 and 95 of the IBC and its impact on the commencement of moratorium under Section 96.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC) on October 1, 2021. This application was later numbered as Case No. CP-IB 111 of 2022. Krishan Kumar Basia, the Guarantor of M/s. Gee Ispat Private Limited, filed an application under Section 94 of the IBC on October 25, 2021, which was registered as CP-IB 788/2021. SBI's application was filed earlier, but the Guarantor's application was registered earlier. The Guarantor argued that their Section 94 application was effectively filed earlier because it was numbered before SBI's application. The Adjudicating Authority ruled that SBI's application was filed earlier and appointed a Resolution Professional. The key point of contention is whether the date of filing
…State Bank of India…
Krishan Kumar Basia,…