Union Bank of India (formerly Andhra Bank) filed an appeal against an order dated 07.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench - I, Chennai) in C.P. (IB) 33/CHE/2022. The Adjudicating Authority had dismissed an application filed by Union Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. P.K. Balasubramanian, the personal guarantor of the corporate debtor, M/s. Tebma Shipyard Limited. The bank's application was filed on 31.12.2021, while State Bank of India (SBI) also filed a similar application against the same personal guarantor on 03.01.2022. The Registry registered SBI's application before Union Bank of India's application.
1. Union Bank of India (erstwhile Andhra Bank) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 against Mr. P.K. Balasubramanian, the personal guarantor of M/s. Tebma Shipyard Limited.
2. Union Bank of India's application was filed on 31.12.2021.
3. State Bank of India (SBI) also filed a similar application under Section 95 against the same personal guarantor on 03.01.2022.
4. The Registry registered SBI's application on 12.01.2022 and Union Bank of India's application on 09.02.2022.
5. The Adjudicating Authority (NCLT) dismissed Union Bank of India's application on 07.06.2022, while an IRP was appointed in the SBI's application.
6. Union Bank of India filed an appeal against the Adjudicating Authority's order, arguing that its
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Union Bank of India filed an application under…
State Bank of India filed a similar…
Union Bank of India (formerly Andhra Bank) filed an appeal against an order dated 07.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench - I, Chennai) in C.P. (IB) 33/CHE/2022. The Adjudicating Authority had dismissed an application filed by Union Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. P.K. Balasubramanian, the personal guarantor of the corporate debtor, M/s. Tebma Shipyard Limited. The bank's application was filed on 31.12.2021, while State Bank of India (SBI) also filed a similar application against the same personal guarantor on 03.01.2022. The Registry registered SBI's application before Union Bank of India's application.
1. Union Bank of India (erstwhile Andhra Bank) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 against Mr. P.K. Balasubramanian, the personal guarantor of M/s. Tebma Shipyard Limited.
2. Union Bank of India's application was filed on 31.12.2021.
3. State Bank of India (SBI) also filed a similar application under Section 95 against the same personal guarantor on 03.01.2022.
4. The Registry registered SBI's application on 12.01.2022 and Union Bank of India's application on 09.02.2022.
5. The Adjudicating Authority (NCLT) dismissed Union Bank of India's application on 07.06.2022, while an IRP was appointed in the SBI's application.
6. Union Bank of India filed an appeal against the Adjudicating Authority's order, arguing that its
Union Bank of India filed an application under…
State Bank of India filed a similar…