The writ petition was filed by the shareholders and suspended directors of Evershine Wood Packaging Private Limited, the Corporate Debtor, seeking a writ of certiorari to quash the order passed by the National Company Law Tribunal (NCLT), Division Bench-II, Chennai, dated 23.06.2023, in CP[IB].No.13/2023, admitting the Company Petition and appointing an Interim Resolution Professional (IRP). The Corporate Debtor had availed credit facilities from Indian Bank since 2017 and subsequently defaulted. Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners challenged the NCLT's order, arguing that the application under Section 7 was not maintainable due to
…Evershine Wood Packaging Private Limited, the Corporate Debtor, availed credit facilities from Indian Bank since 2017. The Corporate Debtor defaulted in payment of loan/debt, leading to a Demand Notice issued on 10.11.2021. The accounts of the Corporate Debtor were declared as Non-Profitable Asset (NPA) on 31.03.2021, with effect from 23.12.2020, as per RBI guidelines. The Corporate Debtor made some payments on an irregular basis until 25.10.2021, but the default continued. Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor submitted a revised OTS proposal to the Bank on 04.03.2023, which was rejected. The NCLT admitted the Company Petition.
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Evershine Wood Packaging Private Limited…
The accounts of the Corporate Debtor were…
The writ petition was filed by the shareholders and suspended directors of Evershine Wood Packaging Private Limited, the Corporate Debtor, seeking a writ of certiorari to quash the order passed by the National Company Law Tribunal (NCLT), Division Bench-II, Chennai, dated 23.06.2023, in CP[IB].No.13/2023, admitting the Company Petition and appointing an Interim Resolution Professional (IRP). The Corporate Debtor had availed credit facilities from Indian Bank since 2017 and subsequently defaulted. Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners challenged the NCLT's order, arguing that the application under Section 7 was not maintainable due to
…Evershine Wood Packaging Private Limited, the Corporate Debtor, availed credit facilities from Indian Bank since 2017. The Corporate Debtor defaulted in payment of loan/debt, leading to a Demand Notice issued on 10.11.2021. The accounts of the Corporate Debtor were declared as Non-Profitable Asset (NPA) on 31.03.2021, with effect from 23.12.2020, as per RBI guidelines. The Corporate Debtor made some payments on an irregular basis until 25.10.2021, but the default continued. Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor submitted a revised OTS proposal to the Bank on 04.03.2023, which was rejected. The NCLT admitted the Company Petition.
…Evershine Wood Packaging Private Limited…
The accounts of the Corporate Debtor were…