The State Bank of India (SBI) filed an appeal challenging the order dated 21.03.2023 passed by the National Company Law Tribunal (NCLT), Cuttack Bench, which rejected SBI's Section 7 application to initiate Corporate Insolvency Resolution Process (CIRP) against Abhijeet Ferrotech Ltd. The NCLT rejected the application because it believed that the proceedings were barred due to an earlier order by the Debt Recovery Tribunal (DRT), Kolkata, in T.A. No. 179 of 2020, dated 17.06.2022. The NCLT framed a question for consideration: Whether the proceeding of this petition is barred in view of the order passed by DRT-II, Kolkata in T.A. No.179 of 2020 dated 17.06.2022 and liable to be rejected?
The State Bank of Travancore sanctioned a loan of Rs.99 crores to Abhijeet Ferrotech Limited on 17.03.2012. The working capital limit of Rs.99 crores was renewed on 08.04.2013. The account was declared NPA on 31.03.2013. SBI and other lenders entered into a Master Restructuring Agreement on 28.09.2013. The State Bank of Travancore restructured credit facilities on 14.02.2014, sanctioning Rs.89,46,00,000/-. A Deed of Accession and Modification was executed on 26.03.2014. The State Bank of Travancore sanctioned an additional limit of Rs.36,74,00,000/- on 23.12.2015, and Rs.1,26,20,00,000/- on 28.12.2015. On 30.09.2016, the loan account slipped into NPA due to default in payment for more than 90 days. SBI recalled the loan on 25.11.2016. Proceedings under Section 13(2) of
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The State Bank of India (SBI) filed an appeal challenging the order dated 21.03.2023 passed by the National Company Law Tribunal (NCLT), Cuttack Bench, which rejected SBI's Section 7 application to initiate Corporate Insolvency Resolution Process (CIRP) against Abhijeet Ferrotech Ltd. The NCLT rejected the application because it believed that the proceedings were barred due to an earlier order by the Debt Recovery Tribunal (DRT), Kolkata, in T.A. No. 179 of 2020, dated 17.06.2022. The NCLT framed a question for consideration: Whether the proceeding of this petition is barred in view of the order passed by DRT-II, Kolkata in T.A. No.179 of 2020 dated 17.06.2022 and liable to be rejected?
The State Bank of Travancore sanctioned a loan of Rs.99 crores to Abhijeet Ferrotech Limited on 17.03.2012. The working capital limit of Rs.99 crores was renewed on 08.04.2013. The account was declared NPA on 31.03.2013. SBI and other lenders entered into a Master Restructuring Agreement on 28.09.2013. The State Bank of Travancore restructured credit facilities on 14.02.2014, sanctioning Rs.89,46,00,000/-. A Deed of Accession and Modification was executed on 26.03.2014. The State Bank of Travancore sanctioned an additional limit of Rs.36,74,00,000/- on 23.12.2015, and Rs.1,26,20,00,000/- on 28.12.2015. On 30.09.2016, the loan account slipped into NPA due to default in payment for more than 90 days. SBI recalled the loan on 25.11.2016. Proceedings under Section 13(2) of
…State Bank of…
The accounts of the…