The State Bank of India filed an application on 29.12.2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Abhijeet Infrastructure Limited for initiating the Corporate Insolvency Resolution Process (CIRP). The matter was initially filed at Kolkata Bench and later transferred to Cuttack Bench. The application was for a default amount of Rs. 318,01,65,339.67, comprising principal and interest. An amendment application was filed by the Applicant to change the date of default, which was contested by the Respondent. The matter reached the Supreme Court, which directed the Tribunal to decide the matter on merit, specifically addressing the point of limitation.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Abhijeet Infrastructure Limited. The application was initially filed at the Kolkata Bench of NCLT and later transferred to the Cuttack Bench. The claim amount was Rs. 318,01,65,339.67, including principal and interest. SBI sought to amend the date of default, which was contested by Abhijeet Infrastructure. The initial date of default was 30.04.2014, which was later sought to be amended to 10.01.2019, the date of the recovery certificate issued by the Debt Recovery Tribunal (DRT). Abhijeet Infrastructure argued that the application was barred by limitation. The Supreme Court directed the NCLT to
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The State Bank of India filed an application on 29.12.2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Abhijeet Infrastructure Limited for initiating the Corporate Insolvency Resolution Process (CIRP). The matter was initially filed at Kolkata Bench and later transferred to Cuttack Bench. The application was for a default amount of Rs. 318,01,65,339.67, comprising principal and interest. An amendment application was filed by the Applicant to change the date of default, which was contested by the Respondent. The matter reached the Supreme Court, which directed the Tribunal to decide the matter on merit, specifically addressing the point of limitation.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Abhijeet Infrastructure Limited. The application was initially filed at the Kolkata Bench of NCLT and later transferred to the Cuttack Bench. The claim amount was Rs. 318,01,65,339.67, including principal and interest. SBI sought to amend the date of default, which was contested by Abhijeet Infrastructure. The initial date of default was 30.04.2014, which was later sought to be amended to 10.01.2019, the date of the recovery certificate issued by the Debt Recovery Tribunal (DRT). Abhijeet Infrastructure argued that the application was barred by limitation. The Supreme Court directed the NCLT to
…Financial Cr…
Term loan agreement…