The case involves a petition filed by State Bank of India (SBI) under Section 7 of the IBC Code, 2016, against Jayaswal Neco Industries Ltd. Subsequently, ACRE-54-Trust, acting through its trustee Assets Care and Reconstruction Enterprise Limited (ACRE), filed an application seeking to be substituted as the applicant in place of SBI, as SBI had assigned its loan exposure to ACRE-54-Trust. The Corporate Debtor had previously filed a Writ Petition before the High Court challenging RBI's actions regarding the restructuring scheme, which was dismissed. The Corporate Debtor then challenged the High Court Order before the Supreme Court. A Restructuring Support Agreement stipulated that the Corporate Debtor would withdraw the Supreme Court proceedings and the insolvency
…State Bank of India (SBI) initiated insolvency proceedings against Jayaswal Neco Industries Ltd. under Section 7 of the IBC Code, 2016. SBI later assigned its loan exposure to ACRE-54-Trust, acting through its trustee Assets Care and Reconstruction Enterprise Limited (ACRE). ACRE-54-Trust then filed an application with the NCLT to be substituted as the applicant in place of SBI. Prior to this, Jayaswal Neco Industries Ltd. had filed a Writ Petition before the Bombay High Court challenging RBI's actions related to the restructuring scheme, which was dismissed. The Corporate Debtor then appealed to the Supreme Court. A Restructuring Support Agreement was in place, requiring the Corporate Debtor to withdraw the Supreme Court proceedings and the insolvency proceedings. The
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CP(IB)1828(MB)2017…
Corporate Debtor filed…
The case involves a petition filed by State Bank of India (SBI) under Section 7 of the IBC Code, 2016, against Jayaswal Neco Industries Ltd. Subsequently, ACRE-54-Trust, acting through its trustee Assets Care and Reconstruction Enterprise Limited (ACRE), filed an application seeking to be substituted as the applicant in place of SBI, as SBI had assigned its loan exposure to ACRE-54-Trust. The Corporate Debtor had previously filed a Writ Petition before the High Court challenging RBI's actions regarding the restructuring scheme, which was dismissed. The Corporate Debtor then challenged the High Court Order before the Supreme Court. A Restructuring Support Agreement stipulated that the Corporate Debtor would withdraw the Supreme Court proceedings and the insolvency
…State Bank of India (SBI) initiated insolvency proceedings against Jayaswal Neco Industries Ltd. under Section 7 of the IBC Code, 2016. SBI later assigned its loan exposure to ACRE-54-Trust, acting through its trustee Assets Care and Reconstruction Enterprise Limited (ACRE). ACRE-54-Trust then filed an application with the NCLT to be substituted as the applicant in place of SBI. Prior to this, Jayaswal Neco Industries Ltd. had filed a Writ Petition before the Bombay High Court challenging RBI's actions related to the restructuring scheme, which was dismissed. The Corporate Debtor then appealed to the Supreme Court. A Restructuring Support Agreement was in place, requiring the Corporate Debtor to withdraw the Supreme Court proceedings and the insolvency proceedings. The
…CP(IB)1828(MB)2017…
Corporate Debtor filed…