The State Bank of India initiated proceedings under Section 95 of the I&B Code, 2016 against the Personal Guarantor, S. Srinivasan, before the NCLT. Subsequently, the State Bank of India filed an application for withdrawal of the Company Petition under Section 95 of the Code. The Ld. Tribunal passed an order permitting the withdrawal of the Company Petition, with the liberty to file a fresh application. The Appellant, S. Srinivasan, challenged the order permitting the withdrawal.
The State Bank of India initiated insolvency proceedings against S. Srinivasan, the Personal Guarantor of M/s. Sri Venkatram Spinners Pvt. Ltd., under Section 95 of the Insolvency and Bankruptcy Code, 2016. The proceedings were filed before the NCLT. Subsequently, the State Bank of India filed an application to withdraw the insolvency petition. The NCLT allowed the withdrawal. S. Srinivasan, being the personal guarantor and the opposite party in the insolvency proceedings, appealed against the NCLT's order allowing the withdrawal. The appellant argued that the withdrawal was not in accordance with Rule 10 & 11 of the Insolvency and Bankruptcy Rules, 2019. The State Bank of India argued that as the applicant to the proceedings, they had the right to withdraw the
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State Bank of India initiated proceedings under…
State Bank of India filed an application for…
The State Bank of India initiated proceedings under Section 95 of the I&B Code, 2016 against the Personal Guarantor, S. Srinivasan, before the NCLT. Subsequently, the State Bank of India filed an application for withdrawal of the Company Petition under Section 95 of the Code. The Ld. Tribunal passed an order permitting the withdrawal of the Company Petition, with the liberty to file a fresh application. The Appellant, S. Srinivasan, challenged the order permitting the withdrawal.
The State Bank of India initiated insolvency proceedings against S. Srinivasan, the Personal Guarantor of M/s. Sri Venkatram Spinners Pvt. Ltd., under Section 95 of the Insolvency and Bankruptcy Code, 2016. The proceedings were filed before the NCLT. Subsequently, the State Bank of India filed an application to withdraw the insolvency petition. The NCLT allowed the withdrawal. S. Srinivasan, being the personal guarantor and the opposite party in the insolvency proceedings, appealed against the NCLT's order allowing the withdrawal. The appellant argued that the withdrawal was not in accordance with Rule 10 & 11 of the Insolvency and Bankruptcy Rules, 2019. The State Bank of India argued that as the applicant to the proceedings, they had the right to withdraw the
…State Bank of India initiated proceedings under…
State Bank of India filed an application for…