The appeal was filed against an order passed by the Adjudicating Authority dated 22.01.2025 in I.A. No.1305/2020 in C.P. (IB) No.2392/MB/2019. I.A. No.1305/2020 was filed by the Liquidator praying for certain reliefs, including declaring a loan transaction with IDBI bank as fraudulent and initiating further investigation.
The Liquidator filed I.A. No.1305/2020 seeking to declare a loan transaction with IDBI bank by the Corporate Debtor as fraudulent.
The Adjudicating Authority allowed the application under Section 60(5) despite finding that the ingredients of Section 66 were not met.
The Appellant challenged the Adjudicating Authority's order, arguing that the prayers were under Section 66 and against the Financial Creditors.
The loan was taken by the Corporate Debtor from the Financial Creditors in 1998 and subsequently assigned to Stressed Assets Stabilisation Fund (SASF).
The Appellate Tribunal set aside the Adjudicating Authority's order, finding it unsustainable.
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The Adjudicating Authority passed an…
The Appellate Tribunal heard the appeal…
The appeal was filed against an order passed by the Adjudicating Authority dated 22.01.2025 in I.A. No.1305/2020 in C.P. (IB) No.2392/MB/2019. I.A. No.1305/2020 was filed by the Liquidator praying for certain reliefs, including declaring a loan transaction with IDBI bank as fraudulent and initiating further investigation.
The Liquidator filed I.A. No.1305/2020 seeking to declare a loan transaction with IDBI bank by the Corporate Debtor as fraudulent.
The Adjudicating Authority allowed the application under Section 60(5) despite finding that the ingredients of Section 66 were not met.
The Appellant challenged the Adjudicating Authority's order, arguing that the prayers were under Section 66 and against the Financial Creditors.
The loan was taken by the Corporate Debtor from the Financial Creditors in 1998 and subsequently assigned to Stressed Assets Stabilisation Fund (SASF).
The Appellate Tribunal set aside the Adjudicating Authority's order, finding it unsustainable.
The Adjudicating Authority passed an…
The Appellate Tribunal heard the appeal…