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Insolvency and BankruptcyApril 12, 2024Case LawsAT
CIRP - The State Bank of India (SBI) filed an application for interim distribution of funds from the Escrow Account of the company, as IL&FS had not been servicing the debt since October 2018. - The Tribunal dismissed all three applications, citing the submission of the Restructuring Plan and the majority decision of lenders regarding the Liquidation Value calculation date. It upheld the use of Liquidation Value as on 30.09.2018, in accordance with previous orders and the terms of the Inter-Creditor Agreement. Consequently, SBI's requests were denied, and the Tribunal's decision was final.
CIRP - The State Bank of India (SBI) filed an application for interim distribution of funds from the Escrow Account of the company, as IL&FS had not been servicing the debt since October 2018. - The Tribunal dismissed all three applications, citing the submission of the Restructuring Plan and the majority decision of lenders regarding the Liquidation Value calculation date. It upheld the use of Liquidation Value as on 30.09.2018, in accordance with previous orders and the terms of the Inter-Creditor Agreement. Consequently, SBI's requests were denied, and the Tribunal's decision was final.
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