LEGAL & JUDICIAL
NCLAT Judgment on Insolvency Appeal Regarding Appropriation of Funds by Banks
By TEAM CIRCULAR EXPRESS • 17 Aug 2026
👁 3 views
The National Company Law Appellate Tribunal (NCLAT) heard an appeal filed by several banks against an NCLT Cuttack order. The NCLT had directed the banks to reverse amounts appropriated from the corporate debtor after the insolvency commencement date. The appeal challenges these directions under the Insolvency and Bankruptcy Code. The case involves disputes over cash credit accounts and alleged contraventions of Sections 14 and 17 of the Code.
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purpose of issuance
To adjudicate an appeal against an NCLT order directing banks to reverse funds appropriated from a corporate debtor post-insolvency commencement.
Most Important Details
The NCLT Cuttack Bench directed Bank of India, Central Bank of India, Syndicate Bank, and State Bank of India to reverse specific amounts (totaling several crores) to the corporate debtor, Ferroy Alloys Corporation Limited, following an application by the Resolution Professional.
🔒 Document — view only
Regards, Circular Express
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LEGAL & JUDICIAL
NCLAT Judgment on Insolvency Appeal Regarding Appropriation of Funds by Banks
By TEAM CIRCULAR EXPRESS • 17 Aug 2026
👁 3 views
The National Company Law Appellate Tribunal (NCLAT) heard an appeal filed by several banks against an NCLT Cuttack order. The NCLT had directed the banks to reverse amounts appropriated from the corporate debtor after the insolvency commencement date. The appeal challenges these directions under the Insolvency and Bankruptcy Code. The case involves disputes over cash credit accounts and alleged contraventions of Sections 14 and 17 of the Code.
City
Array
State
Array
purpose of issuance
To adjudicate an appeal against an NCLT order directing banks to reverse funds appropriated from a corporate debtor post-insolvency commencement.
Most Important Details
The NCLT Cuttack Bench directed Bank of India, Central Bank of India, Syndicate Bank, and State Bank of India to reverse specific amounts (totaling several crores) to the corporate debtor, Ferroy Alloys Corporation Limited, following an application by the Resolution Professional.
🔒 Document — view only
Regards, Circular Express
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#Delhi#Examination
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#Delhi#Gujarat#Haryana
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