The appellant, managing director of Totem Infrastructures Limited (corporate debtor), challenged the National Company Law Tribunal's (NCLT) decision to admit an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) and declare a moratorium. The NCLT's decision, dated January 12, 2021, was based on a default in repaying financial facilities extended by several banks, with a total claim of over Rs. 613 crores. The State Bank of India, as the financial creditor, filed the application, consolidating claims from various merged banks.
…The appellant, managing director of Totem Infrastructures Limited (corporate debtor), faced insolvency proceedings initiated by the State Bank of India. The proceedings stemmed from the corporate debtor's default in repaying financial facilities, including loans and bank guarantees, extended by several banks. The total claim for default presented before the National Company Law Tribunal (NCLT) amounted to Rs. 613,27,01,598.23/-. The State Bank of India, as the first respondent, prosecuted the composite claims, which included those of banks that had merged with it on April 1, 2017, such as the State Bank of Hyderabad and State Bank of Mysore.
…State Bank of Hyderabad, State Bank of Mysore,…
A recovery certificate was issued by DRT for…
The appellant, managing director of Totem Infrastructures Limited (corporate debtor), challenged the National Company Law Tribunal's (NCLT) decision to admit an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) and declare a moratorium. The NCLT's decision, dated January 12, 2021, was based on a default in repaying financial facilities extended by several banks, with a total claim of over Rs. 613 crores. The State Bank of India, as the financial creditor, filed the application, consolidating claims from various merged banks.
…The appellant, managing director of Totem Infrastructures Limited (corporate debtor), faced insolvency proceedings initiated by the State Bank of India. The proceedings stemmed from the corporate debtor's default in repaying financial facilities, including loans and bank guarantees, extended by several banks. The total claim for default presented before the National Company Law Tribunal (NCLT) amounted to Rs. 613,27,01,598.23/-. The State Bank of India, as the first respondent, prosecuted the composite claims, which included those of banks that had merged with it on April 1, 2017, such as the State Bank of Hyderabad and State Bank of Mysore.
…State Bank of Hyderabad, State Bank of Mysore,…
A recovery certificate was issued by DRT for…