State Bank of India (SBI) filed an appeal against an order dated January 25, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi. The order related to the imposition of a cost of Rs. 25,000 on the non-applicant/respondent and directions to roll back debit entries adjusted in the account of the Corporate Debtor after June 1, 2017, and restore the account to its state as of that date. The appeal also concerned the moratorium declared under Section 7 of the Insolvency and Bankruptcy Code (IBC).
On January 25, 2018, the Adjudicating Authority (National Company Law Tribunal) passed an order against which State Bank of India (SBI) filed an appeal. The order imposed a cost of Rs. 25,000 on the non-applicant/respondent and directed SBI to roll back debit entries adjusted in the account of the Corporate Debtor after June 1, 2017, and restore the account to its state as of that date. The Corporate Debtor had overdrawn Rs. 8,04,81,486.35, exceeding the limit of Rs. 8 crore. A moratorium was passed on June 1, 2017. The Resolution Professional's counsel submitted that approximately Rs. 2 crore had been deposited by the Sales Tax Department towards a refund after the moratorium. SBI's counsel argued that any amount deposited by any person, including the Sales Tax
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The Adjudicating Authority (National Company…
Moratorium was passed on 01.06.2017 by which…
State Bank of India (SBI) filed an appeal against an order dated January 25, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi. The order related to the imposition of a cost of Rs. 25,000 on the non-applicant/respondent and directions to roll back debit entries adjusted in the account of the Corporate Debtor after June 1, 2017, and restore the account to its state as of that date. The appeal also concerned the moratorium declared under Section 7 of the Insolvency and Bankruptcy Code (IBC).
On January 25, 2018, the Adjudicating Authority (National Company Law Tribunal) passed an order against which State Bank of India (SBI) filed an appeal. The order imposed a cost of Rs. 25,000 on the non-applicant/respondent and directed SBI to roll back debit entries adjusted in the account of the Corporate Debtor after June 1, 2017, and restore the account to its state as of that date. The Corporate Debtor had overdrawn Rs. 8,04,81,486.35, exceeding the limit of Rs. 8 crore. A moratorium was passed on June 1, 2017. The Resolution Professional's counsel submitted that approximately Rs. 2 crore had been deposited by the Sales Tax Department towards a refund after the moratorium. SBI's counsel argued that any amount deposited by any person, including the Sales Tax
…The Adjudicating Authority (National Company…
Moratorium was passed on 01.06.2017 by which…