Three appeals (CA (AT) (Ins) No. 1625, 1626, and 1728 of 2024) were filed by personal guarantors of the Corporate Debtor, challenging the dismissal of their applications under Section 94 of the Insolvency and Bankruptcy Code, 2016, due to limitation.
The appeals arise from the dismissal of applications filed under Section 94 of the Insolvency and Bankruptcy Code by three personal guarantors.
The Corporate Debtor, Vardhman Chemtech Pvt. Ltd., obtained a loan from a consortium of banks including State Bank of Patiala, State Bank of Hyderabad, and IDBI Bank.
Indian Bank (erstwhile Allahabad Bank) initiated CIRP against the Corporate Debtor under Section 7 of the Code, which was admitted on 25.09.2018.
The CoC consisted of three financial creditors: Indian Bank, State Bank of India (earlier State Bank of Patiala), and State Bank of India (earlier State Bank of Hyderabad), and IDBI Bank.
The resolution plan submitted by M/s DPB Antibiotics Pvt. Ltd. was approved by the CoC and the Tribunal.
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Allahabad Bank vide…
CIRP proceedings…
Three appeals (CA (AT) (Ins) No. 1625, 1626, and 1728 of 2024) were filed by personal guarantors of the Corporate Debtor, challenging the dismissal of their applications under Section 94 of the Insolvency and Bankruptcy Code, 2016, due to limitation.
The appeals arise from the dismissal of applications filed under Section 94 of the Insolvency and Bankruptcy Code by three personal guarantors.
The Corporate Debtor, Vardhman Chemtech Pvt. Ltd., obtained a loan from a consortium of banks including State Bank of Patiala, State Bank of Hyderabad, and IDBI Bank.
Indian Bank (erstwhile Allahabad Bank) initiated CIRP against the Corporate Debtor under Section 7 of the Code, which was admitted on 25.09.2018.
The CoC consisted of three financial creditors: Indian Bank, State Bank of India (earlier State Bank of Patiala), and State Bank of India (earlier State Bank of Hyderabad), and IDBI Bank.
The resolution plan submitted by M/s DPB Antibiotics Pvt. Ltd. was approved by the CoC and the Tribunal.
…Allahabad Bank vide…
CIRP proceedings…