Antrix Diamond Exports Pvt Ltd, the corporate applicant, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process. The National Company Law Tribunal (NCLT), Mumbai Bench, rejected the application. The corporate applicant challenged the NCLT's order, arguing that the Adjudicating Authority relied on irrelevant facts for adjudicating an application under Section 10 of the I&B Code. The NCLT noted that the corporate debtor offered immovable properties and personal guarantees as securities for loans and that initiating CIRP would scuttle SARFAESI proceedings. The NCLT viewed the application as an abuse of the process of law.
Antrix Diamond Exports Pvt Ltd filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, for initiating a corporate insolvency resolution process. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, rejected the application. The corporate applicant challenged the order, arguing that the Adjudicating Authority relied on irrelevant facts. The Adjudicating Authority noted that the corporate debtor had offered immovable properties and personal guarantees as securities for loans from banks. The Adjudicating Authority believed that initiating CIRP would scuttle SARFAESI proceedings and viewed the application as an abuse of the process of law. The corporate debtor owed more than Rs.428 crores to 10 banks forming the 'Joint
…Sign in to view the parties.
The National Company Law Tribunal (NCLT),…
Antrix Diamond Exports Pvt Ltd filed an appeal…
Antrix Diamond Exports Pvt Ltd, the corporate applicant, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process. The National Company Law Tribunal (NCLT), Mumbai Bench, rejected the application. The corporate applicant challenged the NCLT's order, arguing that the Adjudicating Authority relied on irrelevant facts for adjudicating an application under Section 10 of the I&B Code. The NCLT noted that the corporate debtor offered immovable properties and personal guarantees as securities for loans and that initiating CIRP would scuttle SARFAESI proceedings. The NCLT viewed the application as an abuse of the process of law.
Antrix Diamond Exports Pvt Ltd filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, for initiating a corporate insolvency resolution process. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, rejected the application. The corporate applicant challenged the order, arguing that the Adjudicating Authority relied on irrelevant facts. The Adjudicating Authority noted that the corporate debtor had offered immovable properties and personal guarantees as securities for loans from banks. The Adjudicating Authority believed that initiating CIRP would scuttle SARFAESI proceedings and viewed the application as an abuse of the process of law. The corporate debtor owed more than Rs.428 crores to 10 banks forming the 'Joint
…The National Company Law Tribunal (NCLT),…
Antrix Diamond Exports Pvt Ltd filed an appeal…