The State Bank of India filed an appeal against an order dated July 5, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench. The application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by the State Bank of India against Sri Lakshmikantha Spinners Ltd. (Corporate Debtor), had been adjourned 15 times. The appellant's grievance was that the Section 7 application, filed in July 2018, had been adjourned repeatedly for over a year without any order on merits, due to the Corporate Debtor seeking time for settlement without any settlement being reached.
The State Bank of India (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sri Lakshmikantha Spinners Ltd. (Corporate Debtor). The application was filed with the National Company Law Tribunal (NCLT), Hyderabad Bench. The application had been adjourned 15 times over more than a year. The adjournments were primarily due to the Corporate Debtor seeking time for settlement. No settlement was reached between the parties. The Appellant filed an appeal against the NCLT's order of adjournment. The grievance of the Appellant is that the application under Section 7 was filed in July 2018, but for more than one year, it has been adjourned 15 times and no order passed on merits on the ground that the ‘Corporate Debtor' was asking
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State Bank of India filed an application under…
Adjudicating Authority (National Company Law…
The State Bank of India filed an appeal against an order dated July 5, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench. The application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by the State Bank of India against Sri Lakshmikantha Spinners Ltd. (Corporate Debtor), had been adjourned 15 times. The appellant's grievance was that the Section 7 application, filed in July 2018, had been adjourned repeatedly for over a year without any order on merits, due to the Corporate Debtor seeking time for settlement without any settlement being reached.
The State Bank of India (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sri Lakshmikantha Spinners Ltd. (Corporate Debtor). The application was filed with the National Company Law Tribunal (NCLT), Hyderabad Bench. The application had been adjourned 15 times over more than a year. The adjournments were primarily due to the Corporate Debtor seeking time for settlement. No settlement was reached between the parties. The Appellant filed an appeal against the NCLT's order of adjournment. The grievance of the Appellant is that the application under Section 7 was filed in July 2018, but for more than one year, it has been adjourned 15 times and no order passed on merits on the ground that the ‘Corporate Debtor' was asking
…State Bank of India filed an application under…
Adjudicating Authority (National Company Law…