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The Supreme Court has decided to examine an appeal by the State Bank of India (SBI)-led Committee of Creditors (CoC) of Regen Powertech (RPPL) against a National Company Law Appellate Tribunal (NCLAT) decision. The NCLAT directed the consolidation of insolvency proceedings for RPPL and its subsidiary Regen Infrastructure and Services (RISPL).
The Supreme Court has ruled that resolution professionals (RPs) do not have the authority to file appeals against bankruptcy court decisions since they are considered "neutral" individuals appointed to assist the tribunals. Only parties directly affected, such as the Committee of Creditors (CoC), can file appeals. Legal experts believe this decision will help speed up insolvency resolutions. The court's ruling came in response to an appeal filed by the RP of Regen Powertech, who challenged decisions made by the National Company Law Appellate Tribunal (NCLAT).
NCLAT Chennai set aside an order of the NCLT that had dismissed the petitions consolidation and simultaneous Corporate Insolvency Resolution Process.
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State Bank of India (SBI) plans to sell over INR 960 billion ($12.9 billion) of distressed loans to asset reconstruction companies. The countrys largest bank prepared a list of 331 accounts, including loans to Future Group, Anil Ambani-promoted firms, Videocon Group and Jaypee Group, among others.