The case originated from a Section 7 application under the Insolvency and Bankruptcy Code, 2016, filed by Jammu and Kashmir Bank Limited against Essel Infraprojects Ltd. (EIL), a corporate guarantor. The NCLT admitted the application, and the NCLAT dismissed the subsequent appeal. The appellant, a suspended director of EIL, challenged the NCLAT's decision before the Supreme Court, primarily on the ground that the NCLT and NCLAT had relied on non-existent, fake, and AI-generated precedents.
The appellant is a suspended director of Essel Infraprojects Ltd. ('EIL'), which is the corporate debtor and corporate guarantor for Pan India Utilities Distribution Company Ltd. ('PIUDCL').
PIUDCL availed loan facilities from Jammu and Kashmir Bank Limited (Respondent No. 1), and EIL executed a corporate guarantee to secure these facilities.
PIUDCL experienced financial stress and failed to maintain repayment schedules, leading to its loan accounts being classified as non-performing assets.
Respondent No. 1 filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, before the NCLT, Mumbai, seeking initiation of the corporate insolvency resolution process against EIL.
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National Company Law Tribunal (NCLT),…
National Company Law Appellate Tribunal…
The case originated from a Section 7 application under the Insolvency and Bankruptcy Code, 2016, filed by Jammu and Kashmir Bank Limited against Essel Infraprojects Ltd. (EIL), a corporate guarantor. The NCLT admitted the application, and the NCLAT dismissed the subsequent appeal. The appellant, a suspended director of EIL, challenged the NCLAT's decision before the Supreme Court, primarily on the ground that the NCLT and NCLAT had relied on non-existent, fake, and AI-generated precedents.
The appellant is a suspended director of Essel Infraprojects Ltd. ('EIL'), which is the corporate debtor and corporate guarantor for Pan India Utilities Distribution Company Ltd. ('PIUDCL').
PIUDCL availed loan facilities from Jammu and Kashmir Bank Limited (Respondent No. 1), and EIL executed a corporate guarantee to secure these facilities.
PIUDCL experienced financial stress and failed to maintain repayment schedules, leading to its loan accounts being classified as non-performing assets.
Respondent No. 1 filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, before the NCLT, Mumbai, seeking initiation of the corporate insolvency resolution process against EIL.
…National Company Law Tribunal (NCLT),…
National Company Law Appellate Tribunal…