The case involves an appeal against an order dated 29.11.2022 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, Court-IV, which dismissed an application filed by State Bank of India (SBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). SBI had sanctioned credit facilities to Dharamraj Aluminium Industries Private Limited, the Corporate Debtor. The account was classified as NPA on 29.04.2016. SBI filed a petition under Section 7 of IBC on 13.01.2022, claiming default. The NCLT dismissed the application, holding it was barred by limitation. SBI appealed this decision.
State Bank of India (SBI) sanctioned credit facilities to Dharamraj Aluminium Industries Private Limited. The Corporate Debtor defaulted on 30.01.2016. SBI classified the account as Non-Performing Asset (NPA) on 29.04.2016. SBI filed O.A. No.762 of 2017 seeking a recovery certificate. A winding-up petition was filed against the Corporate Debtor by M/s Oswal Minerals Limited, and the Bombay High Court ordered the company to be wound up on 25.01.2018. SBI filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) on 13.01.2022, claiming Rs.22,52,02,115.61/-. The NCLT dismissed the Section 7 petition as barred by limitation. The Corporate Debtor made a request for One Time Settlement (OTS) on 08.07.2021. The OTS offer was rejected by SBI on 15.07.2021.
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State Bank of India sanctioned Cash Credit…
Default took place on the part of the Corporate…
The case involves an appeal against an order dated 29.11.2022 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, Court-IV, which dismissed an application filed by State Bank of India (SBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). SBI had sanctioned credit facilities to Dharamraj Aluminium Industries Private Limited, the Corporate Debtor. The account was classified as NPA on 29.04.2016. SBI filed a petition under Section 7 of IBC on 13.01.2022, claiming default. The NCLT dismissed the application, holding it was barred by limitation. SBI appealed this decision.
State Bank of India (SBI) sanctioned credit facilities to Dharamraj Aluminium Industries Private Limited. The Corporate Debtor defaulted on 30.01.2016. SBI classified the account as Non-Performing Asset (NPA) on 29.04.2016. SBI filed O.A. No.762 of 2017 seeking a recovery certificate. A winding-up petition was filed against the Corporate Debtor by M/s Oswal Minerals Limited, and the Bombay High Court ordered the company to be wound up on 25.01.2018. SBI filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) on 13.01.2022, claiming Rs.22,52,02,115.61/-. The NCLT dismissed the Section 7 petition as barred by limitation. The Corporate Debtor made a request for One Time Settlement (OTS) on 08.07.2021. The OTS offer was rejected by SBI on 15.07.2021.
…State Bank of India sanctioned Cash Credit…
Default took place on the part of the Corporate…