The case involves an appeal against an order related to the Corporate Insolvency Resolution Process (CIRP) initiated against 'M/s Adhunik Alloys and Power Ltd.' The resolution plan has been approved, and the appellant's claim ('State Bank of India') has been addressed within the plan. The impugned order, dated 4th September 2019, had disposed of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by ‘State Bank of India' against ‘M/s Adhunik Steels Ltd.' as being not maintainable.
The Corporate Insolvency Resolution Process (CIRP) was initiated against 'M/s Adhunik Alloys and Power Ltd.' (Principal Borrower). A resolution plan was approved. 'State Bank of India' (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against 'M/s Adhunik Steels Ltd.' (Corporate Guarantor). The application was disposed of as not maintainable. The Appellant's claim has been taken care of in the resolution plan. The matter is settled with the 'M/s Adhunik Alloys and Power Ltd.' (Principal Borrower). The Corporate Guarantor is ‘M/s Adhunik Steels Ltd.’. The order was passed on 4th September, 2019. The appellate tribunal relied on the judgment in ‘Vishnu Kumar Agarwal Vs. Piramal Enterprises Ltd.’. The Supreme Court decision in
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Date of the impugned order whereby…
Company Appeal No. 346…
The case involves an appeal against an order related to the Corporate Insolvency Resolution Process (CIRP) initiated against 'M/s Adhunik Alloys and Power Ltd.' The resolution plan has been approved, and the appellant's claim ('State Bank of India') has been addressed within the plan. The impugned order, dated 4th September 2019, had disposed of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by ‘State Bank of India' against ‘M/s Adhunik Steels Ltd.' as being not maintainable.
The Corporate Insolvency Resolution Process (CIRP) was initiated against 'M/s Adhunik Alloys and Power Ltd.' (Principal Borrower). A resolution plan was approved. 'State Bank of India' (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against 'M/s Adhunik Steels Ltd.' (Corporate Guarantor). The application was disposed of as not maintainable. The Appellant's claim has been taken care of in the resolution plan. The matter is settled with the 'M/s Adhunik Alloys and Power Ltd.' (Principal Borrower). The Corporate Guarantor is ‘M/s Adhunik Steels Ltd.’. The order was passed on 4th September, 2019. The appellate tribunal relied on the judgment in ‘Vishnu Kumar Agarwal Vs. Piramal Enterprises Ltd.’. The Supreme Court decision in
…Date of the impugned order whereby…
Company Appeal No. 346…