This case involves an application filed by the Resolution Professional of Ferro Alloys Corporation Limited against Central Bank of India, Syndicate Bank, Bank of India, and State Bank of India under Section 14, Section 17, and Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought directions against the respondents for their unilateral action of appropriating receivables of the Corporate Debtor deposited in its cash credit and working capital accounts. The NCLT, Kolkata Bench had previously admitted the Corporate Debtor into insolvency under Section 7 of the IBC, which was upheld by the NCLAT and the Supreme Court. Various extensions were granted for the Corporate Insolvency Resolution Process, and a Resolution Plan was approved on January 30,
…Ferro Alloys Corporation Limited was undergoing Corporate Insolvency Resolution Process (CIRP). Rural Electrification Corporation was the Financial Creditor. The Resolution Professional filed an application against Central Bank of India, Syndicate Bank, Bank of India, and State Bank of India, alleging unilateral appropriation of the Corporate Debtor's funds during the moratorium period. The NCLT, Kolkata Bench had admitted the company into insolvency under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was upheld by the NCLAT and the Supreme Court. The respondents claimed that the payments were made by the erstwhile Resolution Professional, not appropriated by them. The Adjudicating Authority directed a meeting to resolve the issue, but the meeting failed
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Hon'ble NCLT, Kolkata Bench passed an Order of…
The Hon'ble NCLAT in Company Appeal (AT) No. 92…
This case involves an application filed by the Resolution Professional of Ferro Alloys Corporation Limited against Central Bank of India, Syndicate Bank, Bank of India, and State Bank of India under Section 14, Section 17, and Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought directions against the respondents for their unilateral action of appropriating receivables of the Corporate Debtor deposited in its cash credit and working capital accounts. The NCLT, Kolkata Bench had previously admitted the Corporate Debtor into insolvency under Section 7 of the IBC, which was upheld by the NCLAT and the Supreme Court. Various extensions were granted for the Corporate Insolvency Resolution Process, and a Resolution Plan was approved on January 30,
…Ferro Alloys Corporation Limited was undergoing Corporate Insolvency Resolution Process (CIRP). Rural Electrification Corporation was the Financial Creditor. The Resolution Professional filed an application against Central Bank of India, Syndicate Bank, Bank of India, and State Bank of India, alleging unilateral appropriation of the Corporate Debtor's funds during the moratorium period. The NCLT, Kolkata Bench had admitted the company into insolvency under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was upheld by the NCLAT and the Supreme Court. The respondents claimed that the payments were made by the erstwhile Resolution Professional, not appropriated by them. The Adjudicating Authority directed a meeting to resolve the issue, but the meeting failed
…Hon'ble NCLT, Kolkata Bench passed an Order of…
The Hon'ble NCLAT in Company Appeal (AT) No. 92…