Supreme Court of India · 2021-09-30
RAJENDRA NAROTTAMDAS SHETH vs CHANDRA PRAKASH JAIN
- Citation / case number
- SC 2020/28422
- Court
- Supreme Court of India
- Petitioner
- RAJENDRA NAROTTAMDAS SHETH
- Respondent
- CHANDRA PRAKASH JAIN
- Author
- HON'BLE MR. JUSTICE L. NAGESWARA RAO
- Bench
- HON'BLE MR. JUSTICE L. NAGESWARA RAO, HON'BLE MR. JUSTICE B.R. GAVAI, HON'BLE MRS. JUSTICE B.V. NAGARATHNA
Judgment text excerpt
The Supreme Court upheld the decision of the NCLT admitting the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by the Union Bank of India against R.K. Infratel Ltd. The court found that the Corporate Debtor had defaulted on loans, leading to its classification as a non-performing asset. The appeal by the suspended directors was rejected, affirming the NCLT's authority to initiate insolvency proceedings.