The appeal arises from an order dated 22.08.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench, Prayagraj) in CP (IB) No. 72/ALD/2022, which dismissed the Section 10 application filed by Agroha Paper Industries Private Limited (Corporate Applicant) seeking to initiate Corporate Insolvency Resolution Proceedings (CIRP) against itself. The Corporate Debtor claimed fiscal distress and business losses due to the Covid pandemic as reasons for filing the Section 10 application. The Respondent Bank had declared the Corporate Applicant's account as NPA on 28.10.2018 and issued a demand notice on 11.01.2019 under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor had sought additional loan facility, which was rejected. The
…Agroha Paper Industries Private Limited (Corporate Debtor) took a loan facility from Bank of Maharashtra (Respondent Bank) and defaulted on repayments. The Respondent Bank declared the Corporate Debtor's account as NPA on 28.10.2018. The Respondent Bank issued a demand notice on 11.01.2019 under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor requested additional loan facility, which was rejected. The Corporate Debtor filed a Section 10 application under the IBC on 04.08.2022, citing fiscal distress due to the Covid pandemic. The Respondent Bank initiated SARFAESI proceedings, took possession of the Corporate Debtor's mortgaged properties, and confirmed the sale to a successful bidder before the Section 10 application was filed. The Corporate Debtor also
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The appeal arises from an order dated 22.08.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench, Prayagraj) in CP (IB) No. 72/ALD/2022, which dismissed the Section 10 application filed by Agroha Paper Industries Private Limited (Corporate Applicant) seeking to initiate Corporate Insolvency Resolution Proceedings (CIRP) against itself. The Corporate Debtor claimed fiscal distress and business losses due to the Covid pandemic as reasons for filing the Section 10 application. The Respondent Bank had declared the Corporate Applicant's account as NPA on 28.10.2018 and issued a demand notice on 11.01.2019 under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor had sought additional loan facility, which was rejected. The
…Agroha Paper Industries Private Limited (Corporate Debtor) took a loan facility from Bank of Maharashtra (Respondent Bank) and defaulted on repayments. The Respondent Bank declared the Corporate Debtor's account as NPA on 28.10.2018. The Respondent Bank issued a demand notice on 11.01.2019 under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor requested additional loan facility, which was rejected. The Corporate Debtor filed a Section 10 application under the IBC on 04.08.2022, citing fiscal distress due to the Covid pandemic. The Respondent Bank initiated SARFAESI proceedings, took possession of the Corporate Debtor's mortgaged properties, and confirmed the sale to a successful bidder before the Section 10 application was filed. The Corporate Debtor also
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Respondent Bank issued…