Supreme Court · 2020 INSC 533 · Decided 4 September 2020
The Karad Urban Cooperative Bank LTD. v. Swwapnil Bhingardevay & ORS.
- Court
- Supreme Court of India
- Citation
- 2020 INSC 533 · [2020] 13 S.C.R. 465
- Case number
- CIVIL APPEAL No. 2955/2020
- Decided
- 4 September 2020
- Bench
- S.A. BOBDE, A.S. BOPANNA, V. RAMASUBRAMANIAN (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- IBC; SARFAESI Act
Headnote
Insolvency and Bankruptcy Code, 2016: Appellant financial creditor filed s.7 application before NCLT against corporate debtor - Committee of Creditors (CoC) resolved to approve the Resolution Plan submitted by one M/s Sai Agro - On the basis Plan, Resolution Professional moved an application before NCLT - At this stage, the Director/Promoter of corporate debtor also came up with an application seeking permission to file Resolution Plan - NCLT rejected the application of corporate debtor and approved Resolution Plan
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