Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Rolta India Limited for the recovery of Rs. 1233,54,79,298/- due as on 7.9.2018. The petition was based on a Reserve Bank of India (RBI) circular dated 12.2.2018. The Corporate Debtor challenged the RBI circular in the Supreme Court via Writ Petition No. 237/2019.
Union Bank of India, a financial creditor, filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Rolta India Limited, the corporate debtor, for the realization of Rs. 1233,54,79,298/- due as of 7.9.2018. The petition was based on an RBI circular dated 12.2.2018. Rolta India Limited challenged the RBI circular in the Supreme Court via Writ Petition No. 237/2019. A consortium meeting of lenders was convened on 5.2.2019 to discuss the NCLT application status. The Supreme Court, in its order dated 2.4.2019 in ‘Dharani Sugars and Chemicals Ltd v. Union of India and Ors.’, struck down the RBI circular. The NCLT application was filed on 10.9.2018 and came up for hearing on 25.1.2019 but was deferred.
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Date of the RBI…
Date on which the debt…
Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Rolta India Limited for the recovery of Rs. 1233,54,79,298/- due as on 7.9.2018. The petition was based on a Reserve Bank of India (RBI) circular dated 12.2.2018. The Corporate Debtor challenged the RBI circular in the Supreme Court via Writ Petition No. 237/2019.
Union Bank of India, a financial creditor, filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Rolta India Limited, the corporate debtor, for the realization of Rs. 1233,54,79,298/- due as of 7.9.2018. The petition was based on an RBI circular dated 12.2.2018. Rolta India Limited challenged the RBI circular in the Supreme Court via Writ Petition No. 237/2019. A consortium meeting of lenders was convened on 5.2.2019 to discuss the NCLT application status. The Supreme Court, in its order dated 2.4.2019 in ‘Dharani Sugars and Chemicals Ltd v. Union of India and Ors.’, struck down the RBI circular. The NCLT application was filed on 10.9.2018 and came up for hearing on 25.1.2019 but was deferred.
Date of the RBI…
Date on which the debt…