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Bank of India will withdraw any and all other CIRP proceedings instituted, and actions taken by it under any law against D B Realty and others and as a result the NCLT order dated July 4, 2023 passed against the company shall be set aside.
DB Realty had approached the appellate tribunal to challenge the National Company Law Tribunal's July 4 order to admit Bank of India's corporate insolvency resolution process (CIRP) plea against the company.
The The National Company Law Appellate Tribunal (NCLAT) on Thursday stayed a bankruptcy court order to admit an insolvency resolution plea against listed real estate developer DB Realty. An NCLAT division bench of Justice Ashok Bhushan and a technical member Barun Mitra has posted the matter for further hearing on September 6.
Indian Bank has reported five non-performing accounts including Cox & Kings (o/s bal of Rs 68.46 cr), Era Infra Engineering(o/s bal of Rs 19.36 cr), Supreme Tex Mart(o/s bal of Rs 16.36 cr), RSAL Steel (o/s bal of Rs 27.35 cr) and Pune Buildtech (o/s bal of Rs 16.50 cr). These accounts have been declared fraud and reported to Reserve Bank of India as per regulatory requirement. Powered by Capital Market - Live News (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.) Dear Reader, Business Standard has always strived hard to provide up-to...