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Petitioner who was liable to pay more than 100 cr to bank wasn’t entitled to discretionary relief under article 226

September 8, 2020[2020] 119 63 (Karnataka)

IBC: Where petitioner-company defaulted in repayment of loan taken from bank and was making efforts to dodge recovery proceedings by giving false assurances of exploring possibility of settling matter and for this sought 13 adjournments in section 7 application filed by respondent, since petitioner was liable to pay more than Rs.100 crores, however, had remained steadfast 'not to pay' any money, petitioner would not be entitled for discretionary relief under article 226 of Constitution of India

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