The case involves IDBI Bank Ltd as the applicant and Bilt Graphic Paper Products Ltd as the corporate debtor. The Corporate Debtor informed the court that a petition was filed before the High Court of Delhi, which passed a status quo order on 15.2.2018 regarding the petition lodged with NCLT. The Delhi High Court's order was modified on 22.11.2018, directing that the interim order dated 15.2.2018 be modified to the extent that directives issued by RBI's letter dated 16.1.2018 and 23.1.2018 are stayed. The Corporate Debtor also submitted that a transfer petition was filed before the Supreme Court by the Corporate Debtor against the Reserve Bank of India.
IDBI Bank Ltd initiated proceedings against Bilt Graphic Paper Products Ltd under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Corporate Debtor, Bilt Graphic Paper Products Ltd, informed the NCLT that a petition was filed before the High Court of Delhi, which issued a status quo order on 15.2.2018 concerning the NCLT proceedings. This order was later modified on 22.11.2018. The Corporate Debtor also filed a transfer petition (Civil No. 1971/2018) before the Supreme Court against the Reserve Bank of India. The Supreme Court, on 3.12.2018, directed that status quo be maintained. The relevance of these facts lies in the potential conflict between the NCLT proceedings and the orders of the High Court and Supreme Court, which prompted the NCLT to adjourn the
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RBI issued a letter,…
RBI issued a letter,…
The case involves IDBI Bank Ltd as the applicant and Bilt Graphic Paper Products Ltd as the corporate debtor. The Corporate Debtor informed the court that a petition was filed before the High Court of Delhi, which passed a status quo order on 15.2.2018 regarding the petition lodged with NCLT. The Delhi High Court's order was modified on 22.11.2018, directing that the interim order dated 15.2.2018 be modified to the extent that directives issued by RBI's letter dated 16.1.2018 and 23.1.2018 are stayed. The Corporate Debtor also submitted that a transfer petition was filed before the Supreme Court by the Corporate Debtor against the Reserve Bank of India.
IDBI Bank Ltd initiated proceedings against Bilt Graphic Paper Products Ltd under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Corporate Debtor, Bilt Graphic Paper Products Ltd, informed the NCLT that a petition was filed before the High Court of Delhi, which issued a status quo order on 15.2.2018 concerning the NCLT proceedings. This order was later modified on 22.11.2018. The Corporate Debtor also filed a transfer petition (Civil No. 1971/2018) before the Supreme Court against the Reserve Bank of India. The Supreme Court, on 3.12.2018, directed that status quo be maintained. The relevance of these facts lies in the potential conflict between the NCLT proceedings and the orders of the High Court and Supreme Court, which prompted the NCLT to adjourn the
…RBI issued a letter,…
RBI issued a letter,…