The case involves an appeal against an order dated February 3, 2022, passed by the National Company Law Tribunal (NCLT), Cuttack Bench, which dismissed an interlocutory application filed by K.V. Jayaprakash, a personal guarantor of Coastal Projects Limited (Corporate Debtor). The appellant sought to restrain the State Bank of India (Respondent No. 1) from proceeding with a public auction of his properties under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), read with Rule 11 of the NCLT Rules, 2016, due to a liquidation order against the Corporate Debtor. The Corporate Debtor had availed a loan facility of Rs. 774.12 Crore from the respondent bank, with the appellant acting as guarantor and providing collateral security. After the Corporate Debtor
…Coastal Projects Limited (Corporate Debtor) availed a loan facility of Rs. 774.12 Crore from State Bank of India (Respondent No. 1). K.V. Jayaprakash (Appellant) stood as a guarantor for the Corporate Debtor, providing his property as collateral security. The Corporate Debtor defaulted on the loan repayment, leading State Bank of India to declare the debt as a Non-Performing Asset (NPA) on January 25, 2017. Subsequently, State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code (IBC). The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the petition on January 5, 2018, initiating the CIRP and appointing a resolution professional. The CIRP was unsuccessful,
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State Bank of India declared the debt of…
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The case involves an appeal against an order dated February 3, 2022, passed by the National Company Law Tribunal (NCLT), Cuttack Bench, which dismissed an interlocutory application filed by K.V. Jayaprakash, a personal guarantor of Coastal Projects Limited (Corporate Debtor). The appellant sought to restrain the State Bank of India (Respondent No. 1) from proceeding with a public auction of his properties under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), read with Rule 11 of the NCLT Rules, 2016, due to a liquidation order against the Corporate Debtor. The Corporate Debtor had availed a loan facility of Rs. 774.12 Crore from the respondent bank, with the appellant acting as guarantor and providing collateral security. After the Corporate Debtor
…Coastal Projects Limited (Corporate Debtor) availed a loan facility of Rs. 774.12 Crore from State Bank of India (Respondent No. 1). K.V. Jayaprakash (Appellant) stood as a guarantor for the Corporate Debtor, providing his property as collateral security. The Corporate Debtor defaulted on the loan repayment, leading State Bank of India to declare the debt as a Non-Performing Asset (NPA) on January 25, 2017. Subsequently, State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code (IBC). The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the petition on January 5, 2018, initiating the CIRP and appointing a resolution professional. The CIRP was unsuccessful,
…State Bank of India declared the debt of…
NCLT, Kolkata Bench, admitted State Bank of…