https://www.taxtmi.com/caselaws?id=392684 The National Company Law Tribunal admitted the State Bank of India's application under section 7 of the Insolvency and Bankruptcy Code, 2016 against Priknit Retails Limited. The Appellant's argument of the application being time-barred was considered, and the possibility of settlement under section 12A was discussed due to the Bank's significant voting share. The Appellate Tribunal allowed the Appellant to file an application under section 12A before the Committee of Creditors for settlement negotiations and directed the submission of a revised offer within a week, ensuring the insolvency resolution process continued without interruption. en-us Mon, 09 Dec 2019 00:00:00 +0530 Wed, 26 Feb 2020 11:17:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392684 The National Company Law Tribunal admitted the State Bank of India's application under section 7 of the Insolvency and Bankruptcy Code, 2016 against Priknit Retails Limited. The Appellant's argument of the application being time-barred was considered, and the possibility of settlement under section 12A was discussed due to the Bank's significant voting share. The Appellate Tribunal allowed the Appellant to file an application under section 12A before the Committee of Creditors for settlement negotiations and directed the submission of a revised offer within a week, ensuring the insolvency resolution process continued without interruption. Case-Laws Insolvency and Bankruptcy Mon, 09 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392684