The State Bank of India, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against SEL Manufacturing Company Limited (corporate debtor) by filing CP (IB) No. 114/Chd/Pb/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on 2018-04-11 and declared a moratorium. The corporate debtor challenged this order before the Hon'ble High Court of Punjab and Haryana, which directed the debtor to avail the alternate remedy of appeal. The Supreme Court dismissed the debtor's SLP but extended the stay on the IRP taking over management. Subsequently, a co-director challenged the constitutionality of Section 35AB of the Banking Regulation Act, leading to an abeyance of the CIRP, which was
…State Bank of India, a financial creditor, filed CP (IB) No. 114/Chd/Pb/2017 under Section 7 of the IBC against SEL Manufacturing Company Limited, the corporate debtor, seeking initiation of CIRP. The Adjudicating Authority admitted the application on 2018-04-11 and declared a moratorium. SEL Manufacturing Company Limited challenged the admission order before the High Court of Punjab and Haryana, which directed it to pursue an appeal. The Supreme Court dismissed the SLP but initially extended the stay on the IRP taking over management. A co-director of the corporate debtor filed CWP No. 15685 of 2018 challenging the constitutionality of Section 35AB of the Banking Regulation Act, resulting in an abeyance of the CIRP. This CWP was later withdrawn. The IRP took over the
…Sign in to view the parties.
CP (IB) No. 114/Chd/Pb/2017 filed by State…
Adjudicating Authority…
The State Bank of India, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against SEL Manufacturing Company Limited (corporate debtor) by filing CP (IB) No. 114/Chd/Pb/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on 2018-04-11 and declared a moratorium. The corporate debtor challenged this order before the Hon'ble High Court of Punjab and Haryana, which directed the debtor to avail the alternate remedy of appeal. The Supreme Court dismissed the debtor's SLP but extended the stay on the IRP taking over management. Subsequently, a co-director challenged the constitutionality of Section 35AB of the Banking Regulation Act, leading to an abeyance of the CIRP, which was
…State Bank of India, a financial creditor, filed CP (IB) No. 114/Chd/Pb/2017 under Section 7 of the IBC against SEL Manufacturing Company Limited, the corporate debtor, seeking initiation of CIRP. The Adjudicating Authority admitted the application on 2018-04-11 and declared a moratorium. SEL Manufacturing Company Limited challenged the admission order before the High Court of Punjab and Haryana, which directed it to pursue an appeal. The Supreme Court dismissed the SLP but initially extended the stay on the IRP taking over management. A co-director of the corporate debtor filed CWP No. 15685 of 2018 challenging the constitutionality of Section 35AB of the Banking Regulation Act, resulting in an abeyance of the CIRP. This CWP was later withdrawn. The IRP took over the
…CP (IB) No. 114/Chd/Pb/2017 filed by State…
Adjudicating Authority…