Union Bank of India Vs. Raman Ispat Pvt. Ltd. [Company Petition (IB) No. 23/Ald/2017] - Synopsis
Team SoOLEGAL 10 May 2021
FACTS:
In this case, Union Bank of India Vs. Raman Ispat Pvt. Ltd. [Company Petition (IB) No. 23/Ald/2017], the applicant/corporate debtor had failed to pay the Bank a sum of Rs. 9.48 crore and had mortgaged its properties as security. The bank had given notice to take possession of the mortgaged property under the SARFAESI Act. As a result, the applicant company had lodged this application for initiation of the insolvency resolution process.

DECISION OF THE COURT:  
According to the Bench, Corporate Debtor had followed the provisions of Section 10 of the Insolvency Bankruptcy Code, 2016, and hence the petition deserved to be granted. The Tribunal had proclaimed a moratorium and issued consequential orders, as well as appointed an Interim Resolution Professional.
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