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Insolvency and BankruptcySeptember 27, 2019Case LawsAT
Initiation of CIRP - Corporate Debtor unable to repay the amount - Non Performing Asset - Right of the Bank - In absence of any specific order of taking over the Management in terms of Section 13(4)(b) of the SARAFAESI Act, which includes the right to transfer by way of lease, assignment or sale for realizing of the secured asset, we hold that the Management of the ‘Corporate Debtor’ continued with the Promoter. Therefore, if there is any default on the part of the ‘Corporate Debtor’ to pay the debt amount, the Appellant cannot pass the blame on the Bank.
Initiation of CIRP - Corporate Debtor unable to repay the amount - Non Performing Asset - Right of the Bank - In absence of any specific order of taking over the Management in terms of Section 13(4)(b) of the SARAFAESI Act, which includes the right to transfer by way of lease, assignment or sale for realizing of the secured asset, we hold that the Management of the ‘Corporate Debtor’ continued with the Promoter. Therefore, if there is any default on the part of the ‘Corporate Debtor’ to pay the debt amount, the Appellant cannot pass the blame on the Bank.
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