The case involves SBER Bank versus Varrsana Ispat Ltd. Several applications (CA(IB) No. 550/KB/2018, CA(IB) No. 650/KB/2018, CA(IB) No.543/KB/2017) are being heard. CA(IB) No.650/KB/2018 was withdrawn as the claim was admitted by the Resolution Professional. The court noted that Central Bank and Indian Overseas Bank were not complying with an earlier order dated 2018-07-12. The court directed the filing of a contempt application if the disobedience continued. The court also issued notice to the respondent banks to explain why the directions had not been complied with.
SBER Bank initiated insolvency proceedings against Varrsana Ispat Ltd. under Section 7 of the IBC. Several applications, including CA(IB) No. 550/KB/2018, CA(IB) No. 650/KB/2018, and CA(IB) No.543/KB/2017, were filed in connection with the insolvency resolution process. The Resolution Professional admitted the claim of the applicant in CA(IB) No. 650/KB/2018, leading to its withdrawal. Central Bank and Indian Overseas Bank allegedly failed to comply with an order dated 2018-07-12. The court observed this non-compliance and directed the filing of a contempt application. A meeting was scheduled to finalize the resolution plan.
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Hearing held o…
Ex-parte order was passed directing Central…
The case involves SBER Bank versus Varrsana Ispat Ltd. Several applications (CA(IB) No. 550/KB/2018, CA(IB) No. 650/KB/2018, CA(IB) No.543/KB/2017) are being heard. CA(IB) No.650/KB/2018 was withdrawn as the claim was admitted by the Resolution Professional. The court noted that Central Bank and Indian Overseas Bank were not complying with an earlier order dated 2018-07-12. The court directed the filing of a contempt application if the disobedience continued. The court also issued notice to the respondent banks to explain why the directions had not been complied with.
SBER Bank initiated insolvency proceedings against Varrsana Ispat Ltd. under Section 7 of the IBC. Several applications, including CA(IB) No. 550/KB/2018, CA(IB) No. 650/KB/2018, and CA(IB) No.543/KB/2017, were filed in connection with the insolvency resolution process. The Resolution Professional admitted the claim of the applicant in CA(IB) No. 650/KB/2018, leading to its withdrawal. Central Bank and Indian Overseas Bank allegedly failed to comply with an order dated 2018-07-12. The court observed this non-compliance and directed the filing of a contempt application. A meeting was scheduled to finalize the resolution plan.
Hearing held o…
Ex-parte order was passed directing Central…