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KARAD BANK WINS CASE AGAINST SUGAR MILL

KT NEWS SERVICE. Dated: 9/5/2020 4:23:29 PM

NEW DELHI, Sep 4: The Karad Urban Cooperative Bank on Friday won a litigation of three years in its attempt to recover its money from Khandoba Prasanna SakharKarkhana Limited, challenging the National Company Law Appellate Tribunal (NCLAT) setting aside the resolution plan cleared by the National Company Law Tribunal (NCLT).
The takeover of the sugar mill by Sai Agro (India) Chemicals as an approved resolution plan was stuck up because of a director of the sugar factory resorting to litigations before the High Court as also before NCLT.
Allowing the appeal of heKarad bank, a Bench of Chief Justice Sharad Arvind Bobde and Justices A S Bopanna and V Ramasubramanian set aside the NCLAT spanner in the case and restored the order of the Mumbai bench of the National Company Law Tribunal dated 01.08.2019 to implement the resolution plan that will help the Karad Bank and other creditors to recover their blocked money in the sick sugar mill.