UCO Bank filed an appeal against an order by the Adjudicating Authority (NCLT, Special Bench, Chennai) directing the bank to refund Rs. 2,27,94,706/- which was adjusted during the Corporate Insolvency Resolution Process (CIRP) from fixed deposits of the Corporate Debtor, M/s. Sai Regency Power Corporation Pvt. Ltd., against outstanding vehicle loans and loans taken by group companies. The CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), admitted on March 27, 2019. The bank claimed it was unaware of the CIRP admission.
UCO Bank (Appellant) filed an appeal against an order by the Adjudicating Authority (NCLT, Chennai). The Adjudicating Authority directed UCO Bank to refund Rs. 2,27,94,706/- to M/s. Sai Regency Power Corporation Pvt. Ltd. (Corporate Debtor). This amount was adjusted by UCO Bank from the Corporate Debtor's fixed deposits during the CIRP. The CIRP was initiated based on an application under Section 7 of the IBC, admitted on March 27, 2019. UCO Bank claimed it was unaware of the CIRP admission. The Corporate Debtor had opened two FDRs with UCO Bank and had approached the bank for sanction of two car loans. UCO Bank sanctioned the vehicle loans, and the company was regularly paying monthly installments. Group companies of the Corporate Debtor, M/s. Kamang Dam Hydro Power
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Corporate Insolvency Resolution Process (CIRP)…
A public notice regarding the initiation of…
UCO Bank filed an appeal against an order by the Adjudicating Authority (NCLT, Special Bench, Chennai) directing the bank to refund Rs. 2,27,94,706/- which was adjusted during the Corporate Insolvency Resolution Process (CIRP) from fixed deposits of the Corporate Debtor, M/s. Sai Regency Power Corporation Pvt. Ltd., against outstanding vehicle loans and loans taken by group companies. The CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), admitted on March 27, 2019. The bank claimed it was unaware of the CIRP admission.
UCO Bank (Appellant) filed an appeal against an order by the Adjudicating Authority (NCLT, Chennai). The Adjudicating Authority directed UCO Bank to refund Rs. 2,27,94,706/- to M/s. Sai Regency Power Corporation Pvt. Ltd. (Corporate Debtor). This amount was adjusted by UCO Bank from the Corporate Debtor's fixed deposits during the CIRP. The CIRP was initiated based on an application under Section 7 of the IBC, admitted on March 27, 2019. UCO Bank claimed it was unaware of the CIRP admission. The Corporate Debtor had opened two FDRs with UCO Bank and had approached the bank for sanction of two car loans. UCO Bank sanctioned the vehicle loans, and the company was regularly paying monthly installments. Group companies of the Corporate Debtor, M/s. Kamang Dam Hydro Power
…Corporate Insolvency Resolution Process (CIRP)…
A public notice regarding the initiation of…