This is a Company Appeal (AT)(Insolvency) No. 179 of 2023 filed against an order dated 10.02.2023 passed by the Adjudicating Authority (NCLT Mumbai), which admitted Section 7 Application filed by Yes Bank. The Appellant defaulted on financial facilities extended by the Financial Creditor, leading to the initiation of the application alleging a default of Rs. 4,689,990,947.45. The Adjudicating Authority heard the parties on 14.12.2022 and reserved the order. Subsequently, an Interlocutory Application was filed by the Corporate Debtor. Yes Bank assigned the debt to JC Flowers Asset Reconstruction Company.
Surender Singh (Appellant) defaulted on financial facilities extended by Yes Bank Ltd. (Respondent No. 1), leading to a Section 7 application under the Insolvency and Bankruptcy Code (IBC) for a default of Rs. 4,689,990,947.45. The Adjudicating Authority (NCLT Mumbai) heard the matter on 14.12.2022 and reserved its order. Before the order was pronounced, the Corporate Debtor filed an Interlocutory Application (I.A. No. 210/2023) seeking dismissal of the Section 7 application. Yes Bank assigned the debt to JC Flowers Asset Reconstruction Company. The Adjudicating Authority admitted the Section 7 application on 10.02.2023. The Appellant contends that the Adjudicating Authority should have considered the consequences of the assignment and the application for dismissal
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The Adjudicating…
Letter dated 13.12.2022…
This is a Company Appeal (AT)(Insolvency) No. 179 of 2023 filed against an order dated 10.02.2023 passed by the Adjudicating Authority (NCLT Mumbai), which admitted Section 7 Application filed by Yes Bank. The Appellant defaulted on financial facilities extended by the Financial Creditor, leading to the initiation of the application alleging a default of Rs. 4,689,990,947.45. The Adjudicating Authority heard the parties on 14.12.2022 and reserved the order. Subsequently, an Interlocutory Application was filed by the Corporate Debtor. Yes Bank assigned the debt to JC Flowers Asset Reconstruction Company.
Surender Singh (Appellant) defaulted on financial facilities extended by Yes Bank Ltd. (Respondent No. 1), leading to a Section 7 application under the Insolvency and Bankruptcy Code (IBC) for a default of Rs. 4,689,990,947.45. The Adjudicating Authority (NCLT Mumbai) heard the matter on 14.12.2022 and reserved its order. Before the order was pronounced, the Corporate Debtor filed an Interlocutory Application (I.A. No. 210/2023) seeking dismissal of the Section 7 application. Yes Bank assigned the debt to JC Flowers Asset Reconstruction Company. The Adjudicating Authority admitted the Section 7 application on 10.02.2023. The Appellant contends that the Adjudicating Authority should have considered the consequences of the assignment and the application for dismissal
…The Adjudicating…
Letter dated 13.12.2022…