The case involves an appeal against the order dated 14th December, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, which admitted an application for initiating the Corporate Insolvency Resolution Process against Metal Closures Pvt. Ltd. The Appellant-Director challenged the order, arguing that the application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) was barred by limitation.
State Bank of India granted credit facilities to Metal Closures Pvt. Ltd. ('Corporate Debtor') since 2007. Corporation Bank started granting credit facilities since August 14, 2009. On January 31, 2010, the account was classified as an NPA by State Bank of India but was restructured on February 17, 2010. Punjab National Bank entered the consortium on June 26, 2010. The Corporate Debtor's financial rating was done on July 2, 2013, by ICRA. A Joint Lenders Meeting was held on April 28, 2014. On June 21, 2014, the Consortium entered into a Master Joint Lenders Forum Agreement. The Corporate Debtor was declared an NPA by State Bank of India on May 28, 2014, and by Punjab National Bank on June 30, 2014. State Bank of India appointed Concurrent Auditors for Bangalore Plant
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Adjudicating Authority (National Company Law…
Date of the ju…
The case involves an appeal against the order dated 14th December, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, which admitted an application for initiating the Corporate Insolvency Resolution Process against Metal Closures Pvt. Ltd. The Appellant-Director challenged the order, arguing that the application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) was barred by limitation.
State Bank of India granted credit facilities to Metal Closures Pvt. Ltd. ('Corporate Debtor') since 2007. Corporation Bank started granting credit facilities since August 14, 2009. On January 31, 2010, the account was classified as an NPA by State Bank of India but was restructured on February 17, 2010. Punjab National Bank entered the consortium on June 26, 2010. The Corporate Debtor's financial rating was done on July 2, 2013, by ICRA. A Joint Lenders Meeting was held on April 28, 2014. On June 21, 2014, the Consortium entered into a Master Joint Lenders Forum Agreement. The Corporate Debtor was declared an NPA by State Bank of India on May 28, 2014, and by Punjab National Bank on June 30, 2014. State Bank of India appointed Concurrent Auditors for Bangalore Plant
…Adjudicating Authority (National Company Law…
Date of the ju…