This case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC), 2016, by the Adjudicating Authority/National Company Law Tribunal (NCLT), Ahmedabad Bench. The Corporate Debtor, M/s Silver Proteins Pvt Ltd, had availed credit facilities from the Respondent Bank, Central Bank of India, and defaulted on repayment. The bank classified the account as a Non-Performing Asset (NPA) and filed a petition under Section 7 of the IBC. The Corporate Debtor resisted the application, primarily on the grounds of limitation and lack of proper authorization.
M/s Silver Proteins Pvt Ltd (Corporate Debtor) availed credit facilities worth Rs. 19,12,50,000/- from Central Bank of India (Respondent Bank). The credit facilities were last renewed on 01 March 2015. The Corporate Debtor faced a liquidity crunch and defaulted on the loan repayment. The Respondent Bank classified the account as a Non-Performing Asset (NPA) on 01 July 2015. The Respondent Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor resisted the application on the grounds of limitation and lack of proper authorization. The date of default was mentioned as 01 July 2015 in the Section 7 petition, and the application was filed on 22 October 2018. A payment of Rs.5,99,760/- was credited to the Corporate
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Credit facilities…
Central Bank of India classified the…
This case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC), 2016, by the Adjudicating Authority/National Company Law Tribunal (NCLT), Ahmedabad Bench. The Corporate Debtor, M/s Silver Proteins Pvt Ltd, had availed credit facilities from the Respondent Bank, Central Bank of India, and defaulted on repayment. The bank classified the account as a Non-Performing Asset (NPA) and filed a petition under Section 7 of the IBC. The Corporate Debtor resisted the application, primarily on the grounds of limitation and lack of proper authorization.
M/s Silver Proteins Pvt Ltd (Corporate Debtor) availed credit facilities worth Rs. 19,12,50,000/- from Central Bank of India (Respondent Bank). The credit facilities were last renewed on 01 March 2015. The Corporate Debtor faced a liquidity crunch and defaulted on the loan repayment. The Respondent Bank classified the account as a Non-Performing Asset (NPA) on 01 July 2015. The Respondent Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor resisted the application on the grounds of limitation and lack of proper authorization. The date of default was mentioned as 01 July 2015 in the Section 7 petition, and the application was filed on 22 October 2018. A payment of Rs.5,99,760/- was credited to the Corporate
…Credit facilities…
Central Bank of India classified the…