The case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, which admitted a Section 7 application filed by the State Bank of India. The appellant, Sudarshan Das Mundhra, had proposed a One Time Settlement (OTS) with the bank, and some amounts were deposited. However, the appellant failed to deposit the full amount as per the OTS terms. Consequently, the Insolvency Resolution Process (CIRP) was initiated.
Sudarshan Das Mundhra, the appellant, proposed a One Time Settlement (OTS) to the State Bank of India. The bank approved the OTS, and the appellant deposited some amounts. However, the appellant failed to deposit the full amount within the stipulated time. The bank initiated the Corporate Insolvency Resolution Process (CIRP). The appellant deposited Rs. 5 Crores following an interim order, but failed to deposit the remaining Rs. 8.5 Crores. The bank accepted some amount even after the expiry of the period. The Adjudicating Authority admitted Section 7 application filed by the State Bank of India. The bank confirmed that the Rs. 5 Crores deposited by the appellant was kept in a no-lien account and was ready to be refunded.
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The Adjudicating Authority (National Company…
The court entertained the appeal and passed an…
The case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, which admitted a Section 7 application filed by the State Bank of India. The appellant, Sudarshan Das Mundhra, had proposed a One Time Settlement (OTS) with the bank, and some amounts were deposited. However, the appellant failed to deposit the full amount as per the OTS terms. Consequently, the Insolvency Resolution Process (CIRP) was initiated.
Sudarshan Das Mundhra, the appellant, proposed a One Time Settlement (OTS) to the State Bank of India. The bank approved the OTS, and the appellant deposited some amounts. However, the appellant failed to deposit the full amount within the stipulated time. The bank initiated the Corporate Insolvency Resolution Process (CIRP). The appellant deposited Rs. 5 Crores following an interim order, but failed to deposit the remaining Rs. 8.5 Crores. The bank accepted some amount even after the expiry of the period. The Adjudicating Authority admitted Section 7 application filed by the State Bank of India. The bank confirmed that the Rs. 5 Crores deposited by the appellant was kept in a no-lien account and was ready to be refunded.
The Adjudicating Authority (National Company…
The court entertained the appeal and passed an…