Rural Electrification Corporation Ltd. initiated a corporate insolvency resolution process against Ferro Alloys Corporation Ltd. An application, CA(IB) No. 97/KB/2018, was filed by a resolution applicant whose expression of interest was rejected without a stated reason. The Resolution Professional cited a CIBIL report indicating the applicant was a willful defaulter. The applicant contested this, claiming compliance with Section 29A of the Insolvency and Bankruptcy Code. A letter from the State Bank of India was presented, stating no amount was due from the resolution applicant. The court considered whether the rejection of the resolution applicant's expression of interest was justified based on these facts.

Rural Electrification Corporation Ltd. initiated a corporate insolvency resolution process against Ferro Alloys Corporation Ltd. An application, CA(IB) No. 97/KB/2018, was filed by a resolution applicant whose expression of interest was rejected without a stated reason. The Resolution Professional cited a CIBIL report indicating the applicant was a willful defaulter. The applicant contested this, claiming compliance with Section 29A of the Insolvency and Bankruptcy Code. A letter from the State Bank of India was presented, stating no amount was due from the resolution applicant. The court considered whether the rejection of the resolution applicant's expression of interest was justified based on these facts.