The appeal was filed against the order dated 18.07.2022, by which the Adjudicating Authority admitted the Section 7 application filed by the State Bank of India (SBI). The Appellant had taken financial assistance from a consortium of banks, with the Central Bank of India as the lead bank. The consortium had entered into a One Time Settlement (OTS) with the Appellant, but SBI had not accepted the OTS. The Appellant was taking steps to settle the dues of SBI. An IA No. 1566/2023 was filed, bringing on record the OTS order issued by SBI dated 12.04.2023, where the bank accepted the OTS offer of Rs. 81 crore given by the Appellant.
The State Bank of India (SBI) filed an application under Section 7, which was admitted by the Adjudicating Authority on 18.07.2022. The Appellant, Manoj Kumar Jain, had taken financial assistance from a consortium of banks, with the Central Bank of India as the lead bank. The consortium had entered into a One Time Settlement (OTS) with the Appellant, but SBI had not accepted the OTS. The Appellant was taking steps to settle the dues of SBI. An IA No. 1566/2023 was filed, bringing on record the OTS order issued by SBI dated 12.04.2023, where the bank accepted the OTS offer of Rs. 81 crore given by the Appellant. IDBI bank dues have not yet been settled. The order dated 18.07.2022 was set aside, and the CIRP proceedings were closed.
Sign in to view the parties.
The Adjudicating Authority admitted the Section…
The Tribunal passed an order noting the…
The appeal was filed against the order dated 18.07.2022, by which the Adjudicating Authority admitted the Section 7 application filed by the State Bank of India (SBI). The Appellant had taken financial assistance from a consortium of banks, with the Central Bank of India as the lead bank. The consortium had entered into a One Time Settlement (OTS) with the Appellant, but SBI had not accepted the OTS. The Appellant was taking steps to settle the dues of SBI. An IA No. 1566/2023 was filed, bringing on record the OTS order issued by SBI dated 12.04.2023, where the bank accepted the OTS offer of Rs. 81 crore given by the Appellant.
The State Bank of India (SBI) filed an application under Section 7, which was admitted by the Adjudicating Authority on 18.07.2022. The Appellant, Manoj Kumar Jain, had taken financial assistance from a consortium of banks, with the Central Bank of India as the lead bank. The consortium had entered into a One Time Settlement (OTS) with the Appellant, but SBI had not accepted the OTS. The Appellant was taking steps to settle the dues of SBI. An IA No. 1566/2023 was filed, bringing on record the OTS order issued by SBI dated 12.04.2023, where the bank accepted the OTS offer of Rs. 81 crore given by the Appellant. IDBI bank dues have not yet been settled. The order dated 18.07.2022 was set aside, and the CIRP proceedings were closed.
The Adjudicating Authority admitted the Section…
The Tribunal passed an order noting the…