The appeal was filed by Gurushankar Raman, the suspended director and shareholder of Amritpur Tea Company Limited, against the order dated 27.09.2023 passed by the National Company Law Tribunal (NCLT), Division Bench (Special) Court No. I, Kolkata in C.P.(IB) No. 329(KB)2022. The NCLT had admitted the Corporate Debtor into the corporate insolvency resolution process (CIRP) based on an application filed by City Union Bank Ltd, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor was incorporated on January 10, 1913, and had taken a loan from the Financial Creditor. The outstanding amount as of September 1, 2022, was Rs.12,60,90,830/-. The Financial Creditor declared the Corporate Debtor's account as a
…Amritpur Tea Company Limited, the Corporate Debtor, faced insolvency proceedings initiated by City Union Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT admitted the company into CIRP, leading to an appeal by Gurushankar Raman, the suspended director and shareholder. The Corporate Debtor's account was declared an NPA on December 31, 2019, with an outstanding debt of Rs. 12,60,90,830/- as of September 1, 2022. The loan was disbursed in three tranches between 2015 and 2019. The Appellant argued lack of proper notice and incorrect NPA declaration. The Financial Creditor contended repeated defaults, SARFAESI proceedings, and proper service of notice. The NCLT initially directed notice via Speed Post and Email,
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Amritpur Tea…
The Corporate Debtor's account was declared a…
The appeal was filed by Gurushankar Raman, the suspended director and shareholder of Amritpur Tea Company Limited, against the order dated 27.09.2023 passed by the National Company Law Tribunal (NCLT), Division Bench (Special) Court No. I, Kolkata in C.P.(IB) No. 329(KB)2022. The NCLT had admitted the Corporate Debtor into the corporate insolvency resolution process (CIRP) based on an application filed by City Union Bank Ltd, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor was incorporated on January 10, 1913, and had taken a loan from the Financial Creditor. The outstanding amount as of September 1, 2022, was Rs.12,60,90,830/-. The Financial Creditor declared the Corporate Debtor's account as a
…Amritpur Tea Company Limited, the Corporate Debtor, faced insolvency proceedings initiated by City Union Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT admitted the company into CIRP, leading to an appeal by Gurushankar Raman, the suspended director and shareholder. The Corporate Debtor's account was declared an NPA on December 31, 2019, with an outstanding debt of Rs. 12,60,90,830/- as of September 1, 2022. The loan was disbursed in three tranches between 2015 and 2019. The Appellant argued lack of proper notice and incorrect NPA declaration. The Financial Creditor contended repeated defaults, SARFAESI proceedings, and proper service of notice. The NCLT initially directed notice via Speed Post and Email,
…Amritpur Tea…
The Corporate Debtor's account was declared a…