The case involves a Company Appeal (AT) (Ins) No. 1245-1247 of 2019 and I.A No. 911 – 913 of 2021 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. State Bank of India is the appellant, and Maithan Alloys Ltd. &Ors. are the respondents. The matter pertains to I.A No. 924 of 2021. The counsel for Respondent No. 1 submitted that full consideration has been paid as per the settlement to the Liquidator.
State Bank of India filed a Company Appeal (AT) (Ins) No. 1245-1247 of 2019 against Maithan Alloys Ltd. &Ors. before the NCLAT. During the proceedings, Respondent No. 1's counsel submitted that full consideration had been paid as per the settlement to the Liquidator. The Liquidator's counsel agreed with this submission. Respondent No. 1's counsel also requested that the Liquidator be directed to pay the electricity charges as per Section 53 of the IBC. The court allowed this prayer, binding the parties to the settlement agreement and auction notice. The Liquidator was directed to cooperate to restore the electric supply. The appeal was disposed of based on the settlement.
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Counsel for Respondent No. 1 submits full…
The case involves a Company Appeal (AT) (Ins) No. 1245-1247 of 2019 and I.A No. 911 – 913 of 2021 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. State Bank of India is the appellant, and Maithan Alloys Ltd. &Ors. are the respondents. The matter pertains to I.A No. 924 of 2021. The counsel for Respondent No. 1 submitted that full consideration has been paid as per the settlement to the Liquidator.
State Bank of India filed a Company Appeal (AT) (Ins) No. 1245-1247 of 2019 against Maithan Alloys Ltd. &Ors. before the NCLAT. During the proceedings, Respondent No. 1's counsel submitted that full consideration had been paid as per the settlement to the Liquidator. The Liquidator's counsel agreed with this submission. Respondent No. 1's counsel also requested that the Liquidator be directed to pay the electricity charges as per Section 53 of the IBC. The court allowed this prayer, binding the parties to the settlement agreement and auction notice. The Liquidator was directed to cooperate to restore the electric supply. The appeal was disposed of based on the settlement.
Counsel for Respondent No. 1 submits full…