The Bank of India Limited, the Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Poonam Drums and Containers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application, leading to the appointment of an Interim Resolution Professional. Akram Khan, the Director of the Corporate Debtor, challenged this order, arguing that the application was barred by limitation.
Poonam Drums & Containers Pvt. Ltd. defaulted on debt payments on June 11, 2015. Bank of India Limited classified the account as a Non-Performing Asset (NPA) on September 29, 2015. Bank of India Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority admitted the application, appointing an Interim Resolution Professional. Akram Khan, Director of Poonam Drums & Containers Pvt. Ltd., appealed the decision, claiming the application was barred by limitation. The Bank argued that the Corporate Debtor acknowledged the debt, extending the limitation period under Section 18 of the Limitation Act, 1963. The Corporate Debtor's application to restructure
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Poonam Drums &…
Bank of India Limited classified the account of…
The Bank of India Limited, the Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Poonam Drums and Containers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application, leading to the appointment of an Interim Resolution Professional. Akram Khan, the Director of the Corporate Debtor, challenged this order, arguing that the application was barred by limitation.
Poonam Drums & Containers Pvt. Ltd. defaulted on debt payments on June 11, 2015. Bank of India Limited classified the account as a Non-Performing Asset (NPA) on September 29, 2015. Bank of India Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority admitted the application, appointing an Interim Resolution Professional. Akram Khan, Director of Poonam Drums & Containers Pvt. Ltd., appealed the decision, claiming the application was barred by limitation. The Bank argued that the Corporate Debtor acknowledged the debt, extending the limitation period under Section 18 of the Limitation Act, 1963. The Corporate Debtor's application to restructure
…Poonam Drums &…
Bank of India Limited classified the account of…