These appeals were preferred by the State Bank of India against a common order dated January 23, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai. The Adjudicating Authority had declared a moratorium under Section 14 of the IBC 2016 in relation to the Corporate Debtor M/s. Brilliant Alloys Private Limited, following petitions filed by State Bank of India for recovery of financial credit. The appeals challenge the directions given by the Adjudicating Authority, arguing they contradict observations made by the Appellate Tribunal in a prior case.
State Bank of India (SBI) filed appeals against a common order passed by the National Company Law Tribunal (NCLT), Chennai. The NCLT had initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Brilliant Alloys Private Limited, the Corporate Debtor, and declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC) 2016. SBI sought recovery of financial credit extended to the Corporate Debtor. The NCLT's order also appointed an Interim Resolution Professional. The appeals arose because the NCLT's directions were perceived to contradict prior observations made by the National Company Law Appellate Tribunal (NCLAT). The key issue was whether the moratorium extended to proceedings against personal guarantors of the Corporate Debtor. The
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These appeals were preferred by the State Bank of India against a common order dated January 23, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai. The Adjudicating Authority had declared a moratorium under Section 14 of the IBC 2016 in relation to the Corporate Debtor M/s. Brilliant Alloys Private Limited, following petitions filed by State Bank of India for recovery of financial credit. The appeals challenge the directions given by the Adjudicating Authority, arguing they contradict observations made by the Appellate Tribunal in a prior case.
State Bank of India (SBI) filed appeals against a common order passed by the National Company Law Tribunal (NCLT), Chennai. The NCLT had initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Brilliant Alloys Private Limited, the Corporate Debtor, and declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC) 2016. SBI sought recovery of financial credit extended to the Corporate Debtor. The NCLT's order also appointed an Interim Resolution Professional. The appeals arose because the NCLT's directions were perceived to contradict prior observations made by the National Company Law Appellate Tribunal (NCLAT). The key issue was whether the moratorium extended to proceedings against personal guarantors of the Corporate Debtor. The
…The National Company Law Tribunal (NCLT),…
The Appellate Tribunal issued a judgment in…