State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Indian Pulp & Paper Private Limited. The application was filed before the National Company Law Tribunal (NCLT), Kolkata Bench.
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 Indian Pulp & Paper Private Limited. The date of default was identified as 30.12.2020. The court noted that this date fell within the period prohibited by Section 10A of the IBC, which temporarily suspended the initiation of CIRP for defaults occurring during a specified period related to the COVID-19 pandemic. Because the default occurred during this prohibited period, the application was deemed not maintainable.
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The date of default by…
Hearing held on 22nd…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Indian Pulp & Paper Private Limited. The application was filed before the National Company Law Tribunal (NCLT), Kolkata Bench.
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 Indian Pulp & Paper Private Limited. The date of default was identified as 30.12.2020. The court noted that this date fell within the period prohibited by Section 10A of the IBC, which temporarily suspended the initiation of CIRP for defaults occurring during a specified period related to the COVID-19 pandemic. Because the default occurred during this prohibited period, the application was deemed not maintainable.
The date of default by…
Hearing held on 22nd…