Supreme Court of India
M/s. Reliance Asset Reconstruction Company Ltd. v. M/s Hotel Poonja International Pvt. Ltd.
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From the headnote
Insolvency and Bankruptcy Code, 2016 – s.62 – The Assignor Bank, along with Corporation Bank sanctioned a term loan of Rs.40 lakhs to the corporate debtor – The corporate debtor failed to repay loan – The Assignor Bank declared the account of corporate debtor as an “Non-Performing Asset” (NPA) on 01.04.1993 – Assignor Bank filed application before the Debt Recovery Tri bunal for recovery of dues – settlement was reached between t he Assignor Bank and the corporate debtor – Accordingly, DRT is sued a Recovery Certificate on 27.03.2003 – Corporate debtor again failed to comply with the
Authorities it was built on
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- 2019 Vashdeo R Bhojwani v. Abhyudaya Co-operative Bank Ltd & Anr.
- 1959 Balkrishna Savalram Pujari and Others v. Shree Dnyaneshwar Maharaj Sansthan & Others
- 2018 Transmission Corporation of Andhra Pradesh Limited v. Equipment Conductors and Cables Limited
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