The case involves SBER Bank versus Varrsana Ispat Ltd. Several applications (CA(IB) No. 550/KB/2018, CA(IB) No. 650/KB/2018, and CA(IB) No.543/KB/2017) are being heard. CA(IB) No.650/KB/2018 was withdrawn as the applicant's claim was admitted by the Resolution Professional. The court noted that Central Bank and Indian Overseas Bank did not comply with an earlier order dated 12/07/2018. The court directed the filing of a contempt application if the banks' actions amounted to disobedience.
SBER Bank initiated insolvency proceedings against Varrsana Ispat Ltd. Several applications, including CA(IB) No. 550/KB/2018, CA(IB) No. 650/KB/2018, and CA(IB) No.543/KB/2017, were filed as part of the proceedings. CA(IB) No.650/KB/2018 was withdrawn because the Resolution Professional admitted the applicant's claim. Central Bank and Indian Overseas Bank allegedly failed to comply with a court order dated 12/07/2018. The court is considering contempt proceedings against these banks. A meeting is scheduled to finalize the resolution plan.
Sign in to view the parties.
Hearing held o…
Ex-parte order passed directing Central Bank,…
Sign in to view related legal provisions.
The case involves SBER Bank versus Varrsana Ispat Ltd. Several applications (CA(IB) No. 550/KB/2018, CA(IB) No. 650/KB/2018, and CA(IB) No.543/KB/2017) are being heard. CA(IB) No.650/KB/2018 was withdrawn as the applicant's claim was admitted by the Resolution Professional. The court noted that Central Bank and Indian Overseas Bank did not comply with an earlier order dated 12/07/2018. The court directed the filing of a contempt application if the banks' actions amounted to disobedience.
SBER Bank initiated insolvency proceedings against Varrsana Ispat Ltd. Several applications, including CA(IB) No. 550/KB/2018, CA(IB) No. 650/KB/2018, and CA(IB) No.543/KB/2017, were filed as part of the proceedings. CA(IB) No.650/KB/2018 was withdrawn because the Resolution Professional admitted the applicant's claim. Central Bank and Indian Overseas Bank allegedly failed to comply with a court order dated 12/07/2018. The court is considering contempt proceedings against these banks. A meeting is scheduled to finalize the resolution plan.
Hearing held o…
Ex-parte order passed directing Central Bank,…
Sign in to view related legal provisions.