https://www.taxtmi.com/caselaws?id=386497 The National Company Law Appellate Tribunal allowed 'M/s. SREI Infrastructure Finance Limited' to submit written arguments but rejected their intervention petition opposing insolvency proceedings. The Tribunal upheld 'IDBI Bank Limited's application under Section 7 against 'M/s. Odisha Slurry Pipeline Infrastructure Limited' for defaulting on debt. It emphasized the separate legal entities of 'Essar Steel India Limited' and 'Odisha Slurry Pipeline Infrastructure Limited' despite their interdependence. The default in repayment by 'Odisha Slurry Pipeline Infrastructure Limited' to 'IDBI Bank Limited' justified the insolvency application. The Tribunal dismissed the appeal by 'SREI Multiple Asset Investment Trust' due to lack of standing. en-us Wed, 25 Sep 2019 00:00:00 +0530 Sat, 28 Sep 2019 19:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386497 The National Company Law Appellate Tribunal allowed 'M/s. SREI Infrastructure Finance Limited' to submit written arguments but rejected their intervention petition opposing insolvency proceedings. The Tribunal upheld 'IDBI Bank Limited's application under Section 7 against 'M/s. Odisha Slurry Pipeline Infrastructure Limited' for defaulting on debt. It emphasized the separate legal entities of 'Essar Steel India Limited' and 'Odisha Slurry Pipeline Infrastructure Limited' despite their interdependence. The default in repayment by 'Odisha Slurry Pipeline Infrastructure Limited' to 'IDBI Bank Limited' justified the insolvency application. The Tribunal dismissed the appeal by 'SREI Multiple Asset Investment Trust' due to lack of standing. Case-Laws Insolvency and Bankruptcy Wed, 25 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386497