The appeal was filed under Section 61 R/w Section 7 of the Insolvency and Bankruptcy Code, 2016 against the order dated 23.09.2021 passed by the National Company Law Tribunal, Hyderabad Bench, in CP No. 1/7/HDB/2020. The appellant, Mr. CH Ravindra Babu, is the Promoter and Director of the Corporate Debtor, Chadalavada Infratech Limited. The first respondent, State Bank of India, is the Financial Creditor, and the second respondent is the Resolution Professional representing the Corporate Debtor, which has been admitted into CIRP.
Mr. CH Ravindra Babu, the Promoter and Director of Chadalavada Infratech Limited, filed an appeal against the order dated 23.09.2021 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, which admitted a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, initiating Corporate Insolvency Resolution Process (CIRP) against Chadalavada Infratech Limited. The State Bank of India (SBI), the Financial Creditor, filed the Section 7 petition, claiming that Chadalavada Infratech Limited had defaulted on a loan facility of Rs. 281.23 Crore. SBI classified the loan as a Non-Performing Asset (NPA) on 15.04.2011. The application under Section 7 was filed on 25.11.2019. The appellant argued that the application was time-barred under the
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State Bank of India declared the account…
Chadalavada Infratech Limited submitted a One…
The appeal was filed under Section 61 R/w Section 7 of the Insolvency and Bankruptcy Code, 2016 against the order dated 23.09.2021 passed by the National Company Law Tribunal, Hyderabad Bench, in CP No. 1/7/HDB/2020. The appellant, Mr. CH Ravindra Babu, is the Promoter and Director of the Corporate Debtor, Chadalavada Infratech Limited. The first respondent, State Bank of India, is the Financial Creditor, and the second respondent is the Resolution Professional representing the Corporate Debtor, which has been admitted into CIRP.
Mr. CH Ravindra Babu, the Promoter and Director of Chadalavada Infratech Limited, filed an appeal against the order dated 23.09.2021 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, which admitted a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, initiating Corporate Insolvency Resolution Process (CIRP) against Chadalavada Infratech Limited. The State Bank of India (SBI), the Financial Creditor, filed the Section 7 petition, claiming that Chadalavada Infratech Limited had defaulted on a loan facility of Rs. 281.23 Crore. SBI classified the loan as a Non-Performing Asset (NPA) on 15.04.2011. The application under Section 7 was filed on 25.11.2019. The appellant argued that the application was time-barred under the
…State Bank of India declared the account…
Chadalavada Infratech Limited submitted a One…