2020 (2) TMI 1128

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..... Member Gursat Singh, Adv. for the Appellant. Puneet Jain, Adv. and Sanjay Kumar Aggarwal, RP for the Respondent. ORDER 1. The 'State Bank of India' (Financial Creditor) moved an application under section 7 of the Insolvency and Bankruptcy Code, 2016 (for short, 'the I&B Code') for initiation of the 'corporate insolvency resolution process' against 'Priknit Retail .....

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..... the 'State Bank of India' has 91% voting share and therefore, any settlement with them will amount to settlement under section 12A. 5. In the facts and circumstances, instead of granting further time, we allow the Appellant to file an application under section 12A before the 'Committee of Creditors'. 6. The Appellant may give revised offer within a week but it will not come in th .....

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