The case pertains to a company petition filed by the State Bank of India against Bharath Infra Import & Exports Limited under Section 7 of the I&B Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 146,93,93,281.78. The Adjudicating Authority initially disposed of the petition with directions for reconciliation of accounts. Aggrieved by this order, the Financial Creditor appealed to the NCLAT, which directed the Adjudicating Authority to restore and admit the petition for CIRP.
The State Bank of India filed a company petition against Bharath Infra Import & Exports Limited under Section 7 of the I&B Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was a default of Rs. 146,93,93,281.78. Initially, the Adjudicating Authority disposed of the petition with directions for the Financial Creditor to reconcile accounts with the Corporate Debtor. The Financial Creditor appealed this decision to the NCLAT. The NCLAT directed the Adjudicating Authority to restore the petition and admit it for CIRP. Following the NCLAT's order, the Adjudicating Authority restored the petition, admitted it under Section 7 of the IBC, declared a moratorium under Section 14 of the Code, and appointed Mr.
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Adjudicating Authority disposed of the…
NCLAT directed the Adjudicating Authority to…
The case pertains to a company petition filed by the State Bank of India against Bharath Infra Import & Exports Limited under Section 7 of the I&B Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 146,93,93,281.78. The Adjudicating Authority initially disposed of the petition with directions for reconciliation of accounts. Aggrieved by this order, the Financial Creditor appealed to the NCLAT, which directed the Adjudicating Authority to restore and admit the petition for CIRP.
The State Bank of India filed a company petition against Bharath Infra Import & Exports Limited under Section 7 of the I&B Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was a default of Rs. 146,93,93,281.78. Initially, the Adjudicating Authority disposed of the petition with directions for the Financial Creditor to reconcile accounts with the Corporate Debtor. The Financial Creditor appealed this decision to the NCLAT. The NCLAT directed the Adjudicating Authority to restore the petition and admit it for CIRP. Following the NCLAT's order, the Adjudicating Authority restored the petition, admitted it under Section 7 of the IBC, declared a moratorium under Section 14 of the Code, and appointed Mr.
…Adjudicating Authority disposed of the…
NCLAT directed the Adjudicating Authority to…