The case involves an appeal against the judgments of the NCLT and NCLAT regarding the maintainability of a Section 7 application under the Insolvency and Bankruptcy Code (IBC). Respondent No. 2 was declared a Non-Performing Asset (NPA) on 21.07.2011. The State Bank of India filed two Original Applications (O.As) in the Debt Recovery Tribunal in 2012 to recover a debt of 50 Crores. The debt was assigned to Respondent No. 1 on 28.03.2014. The Debt Recovery Tribunal ruled the O.As were not maintainable on 10.06.2016. Special Civil Applications were filed before the Gujarat High Court, which remanded the matter. A Special Leave Petition against the High Court's order was dismissed on 25.03.2017. Respondent No. 1 then initiated a Section 7 application under the IBC on
…Respondent No. 2 was declared an NPA on 21.07.2011. The State Bank of India filed two O.As in the Debt Recovery Tribunal in 2012 to recover a debt of 50 Crores. On 28.03.2014, the State Bank of India assigned the debt to Respondent No. 1. The Debt Recovery Tribunal held the O.As were not maintainable on 10.06.2016. Special Civil Applications were filed before the Gujarat High Court, which remanded the matter. A Special Leave Petition against the High Court's order was dismissed on 25.03.2017. Respondent No. 1 filed a Section 7 application under the IBC on 03.10.2017 to recover a debt of 124 Crores. The NCLT admitted the Section 7 application, applying Article 62 of the Limitation Act. The NCLAT upheld this decision, stating the limitation period began on 01.12.2016,
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Respondent No. 2 was…
State Bank of India filed two Original…
The case involves an appeal against the judgments of the NCLT and NCLAT regarding the maintainability of a Section 7 application under the Insolvency and Bankruptcy Code (IBC). Respondent No. 2 was declared a Non-Performing Asset (NPA) on 21.07.2011. The State Bank of India filed two Original Applications (O.As) in the Debt Recovery Tribunal in 2012 to recover a debt of 50 Crores. The debt was assigned to Respondent No. 1 on 28.03.2014. The Debt Recovery Tribunal ruled the O.As were not maintainable on 10.06.2016. Special Civil Applications were filed before the Gujarat High Court, which remanded the matter. A Special Leave Petition against the High Court's order was dismissed on 25.03.2017. Respondent No. 1 then initiated a Section 7 application under the IBC on
…Respondent No. 2 was declared an NPA on 21.07.2011. The State Bank of India filed two O.As in the Debt Recovery Tribunal in 2012 to recover a debt of 50 Crores. On 28.03.2014, the State Bank of India assigned the debt to Respondent No. 1. The Debt Recovery Tribunal held the O.As were not maintainable on 10.06.2016. Special Civil Applications were filed before the Gujarat High Court, which remanded the matter. A Special Leave Petition against the High Court's order was dismissed on 25.03.2017. Respondent No. 1 filed a Section 7 application under the IBC on 03.10.2017 to recover a debt of 124 Crores. The NCLT admitted the Section 7 application, applying Article 62 of the Limitation Act. The NCLAT upheld this decision, stating the limitation period began on 01.12.2016,
…Respondent No. 2 was…
State Bank of India filed two Original…