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 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by State Bank of India (SBI) against Dharamraj Aluminium Industries Private Limited. SBI had sanctioned credit facilities to the corporate debtor, which later defaulted. SBI then initiated recovery proceedings under the SARFAESI Act and also filed a winding-up petition. The NCLT dismissed SBI's Section 7 application, leading to the present appeal before the NCLAT.
State Bank of India (SBI) sanctioned credit facilities to Dharamraj Aluminium Industries Private Limited, the Corporate Debtor, on 01.02.2013. The Corporate Debtor defaulted on 30.01.2016, and its account was classified as a Non-Performing Asset (NPA) on 29.04.2016. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 02.05.2016, and 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 Section 7 application under the IBC on 13.01.2022, claiming Rs.22,52,02,115.61/-, with the date of default mentioned as 30.04.2016. The NCLT dismissed the Section 7 application as being
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State Bank of India sanctioned Cash Credit…
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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 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by State Bank of India (SBI) against Dharamraj Aluminium Industries Private Limited. SBI had sanctioned credit facilities to the corporate debtor, which later defaulted. SBI then initiated recovery proceedings under the SARFAESI Act and also filed a winding-up petition. The NCLT dismissed SBI's Section 7 application, leading to the present appeal before the NCLAT.
State Bank of India (SBI) sanctioned credit facilities to Dharamraj Aluminium Industries Private Limited, the Corporate Debtor, on 01.02.2013. The Corporate Debtor defaulted on 30.01.2016, and its account was classified as a Non-Performing Asset (NPA) on 29.04.2016. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 02.05.2016, and 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 Section 7 application under the IBC on 13.01.2022, claiming Rs.22,52,02,115.61/-, with the date of default mentioned as 30.04.2016. The NCLT dismissed the Section 7 application as being
…State Bank of India sanctioned Cash Credit…
Dharamraj Aluminium…