The case involves an appeal against an order dated 11th September 2018 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Bench III, in C.P.IB-22/ND/2018. The Respondent, Oriental Bank of Commerce, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against M/s. Shekhar Resorts Ltd., the Corporate Debtor. The Adjudicating Authority admitted the application, leading to the appeal by the Director/Shareholder of the Corporate Debtor.
Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Shekhar Resorts Ltd. The Adjudicating Authority admitted the application. The Director/Shareholder of Shekhar Resorts Ltd. appealed the decision. The Appellant argued that the Corporate Debtor was not a willful defaulter, a claim initially accepted by Oriental Bank of Commerce in a notice dated June 19, 2016. Oriental Bank of Commerce claimed a total default of Rs. 19,67,64,134, including interest, while the Appellant had paid approximately Rs. 15.88 Crores until March 2018. The Appellant also raised the issue of the maintainability of the Section 7 petition. The Appellant had previously filed a
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The Adjudicating Authority (National Company…
Oriental Bank of Commerce issued a notice…
The case involves an appeal against an order dated 11th September 2018 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Bench III, in C.P.IB-22/ND/2018. The Respondent, Oriental Bank of Commerce, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against M/s. Shekhar Resorts Ltd., the Corporate Debtor. The Adjudicating Authority admitted the application, leading to the appeal by the Director/Shareholder of the Corporate Debtor.
Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Shekhar Resorts Ltd. The Adjudicating Authority admitted the application. The Director/Shareholder of Shekhar Resorts Ltd. appealed the decision. The Appellant argued that the Corporate Debtor was not a willful defaulter, a claim initially accepted by Oriental Bank of Commerce in a notice dated June 19, 2016. Oriental Bank of Commerce claimed a total default of Rs. 19,67,64,134, including interest, while the Appellant had paid approximately Rs. 15.88 Crores until March 2018. The Appellant also raised the issue of the maintainability of the Section 7 petition. The Appellant had previously filed a
…The Adjudicating Authority (National Company…
Oriental Bank of Commerce issued a notice…