This is an appeal against the order dated 29.09.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, which admitted a Section 7 application filed by the State Bank of India. The financial facility of Rs. 178 Crore was sanctioned, out of which Rs. 95 Crore was disbursed. Upon default, the Financial Creditor filed a Section 7 application, which the Corporate Debtor objected to on grounds including limitation and Section 10A. The Corporate Debtor claimed to be taking steps to settle the matter with the Bank.
The State Bank of India sanctioned a financial facility of Rs. 178 Crore, disbursing Rs. 95 Crore. The Corporate Debtor defaulted, leading the State Bank of India to file a Section 7 application under the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor objected to the application, citing grounds of limitation and Section 10A of the IBC. The Adjudicating Authority admitted the application, finding that the application was not barred by limitation, and that Section 10A did not affect the maintainability of the application. The Corporate Debtor argued that they were expecting payment from the government and that non-payment was not a reason to send the Corporate Debtor to insolvency. The Appellant also contended that the State Bank of India had committed a
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This is an appeal against the order dated 29.09.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, which admitted a Section 7 application filed by the State Bank of India. The financial facility of Rs. 178 Crore was sanctioned, out of which Rs. 95 Crore was disbursed. Upon default, the Financial Creditor filed a Section 7 application, which the Corporate Debtor objected to on grounds including limitation and Section 10A. The Corporate Debtor claimed to be taking steps to settle the matter with the Bank.
The State Bank of India sanctioned a financial facility of Rs. 178 Crore, disbursing Rs. 95 Crore. The Corporate Debtor defaulted, leading the State Bank of India to file a Section 7 application under the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor objected to the application, citing grounds of limitation and Section 10A of the IBC. The Adjudicating Authority admitted the application, finding that the application was not barred by limitation, and that Section 10A did not affect the maintainability of the application. The Corporate Debtor argued that they were expecting payment from the government and that non-payment was not a reason to send the Corporate Debtor to insolvency. The Appellant also contended that the State Bank of India had committed a
…The Adjudicating Authority (National Company…
The NCLAT heard the…
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