This is a statutory appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC). The State Bank of India (SBI) is challenging an order passed by the National Company Law Appellate Tribunal (NCLAT), Chennai, which dismissed SBI's appeal and affirmed the order passed by the National Company Law Tribunal (NCLT), Hyderabad. The NCLT order pertained to an application filed by SBI under Section 7 of the IBC.
In February 2020, State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the NCLT. In November 2021, India Power Corporation Limited (IPCL) filed its counter affidavit. SBI filed a rejoinder affidavit on 13.06.2022, but there was a delay in filing it. SBI filed IA No.1547/2022, requesting the delay in filing the rejoinder affidavit to be condoned. The NCLT, Hyderabad, vide order dated 30.01.2023, condoned the delay but directed that any factual assertions pleaded in the rejoinder shall not be taken into consideration while deciding the Section 7 application. The NCLT vide order dated 30.11.2023 rejected the Section 7 application filed by SBI. The NCLAT dismissed the appeal filed by SBI vide order dated
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State Bank of India…
India Power Corporation…
This is a statutory appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC). The State Bank of India (SBI) is challenging an order passed by the National Company Law Appellate Tribunal (NCLAT), Chennai, which dismissed SBI's appeal and affirmed the order passed by the National Company Law Tribunal (NCLT), Hyderabad. The NCLT order pertained to an application filed by SBI under Section 7 of the IBC.
In February 2020, State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the NCLT. In November 2021, India Power Corporation Limited (IPCL) filed its counter affidavit. SBI filed a rejoinder affidavit on 13.06.2022, but there was a delay in filing it. SBI filed IA No.1547/2022, requesting the delay in filing the rejoinder affidavit to be condoned. The NCLT, Hyderabad, vide order dated 30.01.2023, condoned the delay but directed that any factual assertions pleaded in the rejoinder shall not be taken into consideration while deciding the Section 7 application. The NCLT vide order dated 30.11.2023 rejected the Section 7 application filed by SBI. The NCLAT dismissed the appeal filed by SBI vide order dated
…State Bank of India…
India Power Corporation…