Allowed
M/S International Asset Reconstruction v. the Official Liquidator
Karnataka HCCA/395/2022
Case brief
AI extract
What is this about?
The High Court of Karnataka allowed an application seeking dispensation under Section 537(1) of the Companies Act, 1956 and Rule 9 of the Companies (Court) Rules, 1959, to permit the applicant to be substituted as a secured creditor in place of Standard Chartered Bank.
What did the court decide?
Dispensation granted to allow applicant to be substituted in place of Standard Chartered Bank as a secured creditor of M/s Cauvery Papers Limited (in Liquidation).