State Bank of India (SBI), as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Metal Closure Pvt. Ltd. (Corporate Debtor - CD) for a debt exceeding Rs. 280 crores, on behalf of a consortium of banks. The CD contested the application primarily on the ground of limitation. The National Company Law Tribunal (NCLT) admitted the CIRP petition, which was challenged by the suspended Managing Director of the CD before the National Company Law Appellate Tribunal (NCLAT). NCLAT initially dismissed the appeal, but the Supreme Court remanded the matter for a fresh decision on limitation. Subsequently, NCLAT found the Section 7 application to be time-barred. Aggrieved by this, SBI appealed to the Supreme
…State Bank of India (SBI), claiming to be a Financial Creditor of M/s. Metal Closure Pvt. Ltd. (Corporate Debtor - CD), filed an application under Section 7 of IBC on behalf of itself and a consortium of banks (SBI, Punjab National Bank, Corporation Bank, UCO Bank) for dues exceeding Rs. 280 crores.
The Corporate Debtor contested the Section 7 application, arguing it was filed beyond the three-year limitation period from the date the right to apply accrued.
On 14.12.2018, the National Company Law Tribunal (NCLT), Bangalore Bench, admitted the CIRP petition against the CD and declared a moratorium.
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SBI's account of CD was declared Non-Performing…
Working capital consortium agreements were…
State Bank of India (SBI), as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Metal Closure Pvt. Ltd. (Corporate Debtor - CD) for a debt exceeding Rs. 280 crores, on behalf of a consortium of banks. The CD contested the application primarily on the ground of limitation. The National Company Law Tribunal (NCLT) admitted the CIRP petition, which was challenged by the suspended Managing Director of the CD before the National Company Law Appellate Tribunal (NCLAT). NCLAT initially dismissed the appeal, but the Supreme Court remanded the matter for a fresh decision on limitation. Subsequently, NCLAT found the Section 7 application to be time-barred. Aggrieved by this, SBI appealed to the Supreme
…State Bank of India (SBI), claiming to be a Financial Creditor of M/s. Metal Closure Pvt. Ltd. (Corporate Debtor - CD), filed an application under Section 7 of IBC on behalf of itself and a consortium of banks (SBI, Punjab National Bank, Corporation Bank, UCO Bank) for dues exceeding Rs. 280 crores.
The Corporate Debtor contested the Section 7 application, arguing it was filed beyond the three-year limitation period from the date the right to apply accrued.
On 14.12.2018, the National Company Law Tribunal (NCLT), Bangalore Bench, admitted the CIRP petition against the CD and declared a moratorium.
…SBI's account of CD was declared Non-Performing…
Working capital consortium agreements were…