The case involves an appeal against the order dated 26.05.2020 passed by the National Company Law Tribunal, Mumbai (Division) Bench, which admitted an application filed by Punjab National Bank (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against J-Marks Exim (India) Pvt Ltd (Corporate Debtor). The Corporate Debtor appealed, contending that the application was barred by limitation.
Dinesh G Jaiswal, ex-Director of J-Marks Exim (India) Pvt Ltd (Corporate Debtor), filed an appeal against the order of the National Company Law Tribunal (NCLT), Mumbai, which initiated Corporate Insolvency Resolution Process (CIRP) based on an application by Punjab National Bank (PNB), the Financial Creditor. The Corporate Debtor had availed credit facilities from PNB, IDBI Bank, and Bank of India. The account was declared NPA on 30.09.2013 due to defaults in payment. PNB initiated recovery actions under the SARFAESI Act. The Corporate Debtor submitted balance and security confirmation letters on 16.04.2014. The Corporate Debtor also submitted OTS proposals on 23.02.2017 and 15.09.2018, which were not accepted. The Corporate Debtor argued that the application under
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The account of the Corporate Debtor was…
The Financial Creditor…
The case involves an appeal against the order dated 26.05.2020 passed by the National Company Law Tribunal, Mumbai (Division) Bench, which admitted an application filed by Punjab National Bank (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against J-Marks Exim (India) Pvt Ltd (Corporate Debtor). The Corporate Debtor appealed, contending that the application was barred by limitation.
Dinesh G Jaiswal, ex-Director of J-Marks Exim (India) Pvt Ltd (Corporate Debtor), filed an appeal against the order of the National Company Law Tribunal (NCLT), Mumbai, which initiated Corporate Insolvency Resolution Process (CIRP) based on an application by Punjab National Bank (PNB), the Financial Creditor. The Corporate Debtor had availed credit facilities from PNB, IDBI Bank, and Bank of India. The account was declared NPA on 30.09.2013 due to defaults in payment. PNB initiated recovery actions under the SARFAESI Act. The Corporate Debtor submitted balance and security confirmation letters on 16.04.2014. The Corporate Debtor also submitted OTS proposals on 23.02.2017 and 15.09.2018, which were not accepted. The Corporate Debtor argued that the application under
…The account of the Corporate Debtor was…
The Financial Creditor…