The case involves an appeal against the order dated 12.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in CP (IB) No. 625/7/HDB/2019. The appellant, Tottempudi Salalith, is challenging the initiation of Corporate Insolvency Resolution Process (CIRP) against Totem Infrastructures Limited. The primary contention revolves around the issue of limitation, with the appellant arguing that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed beyond the permissible period. The appellant also raised concerns about the RBI circular dated 12.02.2018, which was held ultra vires of Section 35AA of the Banking Regulation Act, and its impact on the proceedings.
Tottempudi Salalith filed an appeal against the order dated 12.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in CP (IB) No. 625/7/HDB/2019, which initiated CIRP against Totem Infrastructures Limited. State Bank of India, the first respondent, filed the application under Section 7 of the IBC based on recovery certificates issued by the Debt Recovery Tribunal (DRT). The appellant argued that the application was barred by limitation, as it was filed more than three years after the date of NPA. The appellant also contended that the RBI circular dated 12.02.2018, which was held ultra vires of Section 35AA of the Banking Regulation Act, affected the proceedings. The corporate debtor, Totem Infrastructures Limited, had addressed
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The case involves an appeal against the order dated 12.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in CP (IB) No. 625/7/HDB/2019. The appellant, Tottempudi Salalith, is challenging the initiation of Corporate Insolvency Resolution Process (CIRP) against Totem Infrastructures Limited. The primary contention revolves around the issue of limitation, with the appellant arguing that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed beyond the permissible period. The appellant also raised concerns about the RBI circular dated 12.02.2018, which was held ultra vires of Section 35AA of the Banking Regulation Act, and its impact on the proceedings.
Tottempudi Salalith filed an appeal against the order dated 12.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in CP (IB) No. 625/7/HDB/2019, which initiated CIRP against Totem Infrastructures Limited. State Bank of India, the first respondent, filed the application under Section 7 of the IBC based on recovery certificates issued by the Debt Recovery Tribunal (DRT). The appellant argued that the application was barred by limitation, as it was filed more than three years after the date of NPA. The appellant also contended that the RBI circular dated 12.02.2018, which was held ultra vires of Section 35AA of the Banking Regulation Act, affected the proceedings. The corporate debtor, Totem Infrastructures Limited, had addressed
…The Adjudicating Authority (National Company…
The Corporate Debtor addressed a letter to the…