This is a Company Appeal (AT) (Insolvency) No. 08 of 2021 filed by the Corporate Debtor, M/s. RaghukulCottex& Processing Pvt. Ltd., against the order dated 18.12.2020 passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, Ahmedabad Court-2 in C.P. (I.B) No. 380/NCLT/AHM/2019. The NCLT admitted an application filed by Respondent No. 1 (Bank of India), a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The NCLT also declared a moratorium and appointed an Interim Resolution Professional (IRP).
M/s. RaghukulCottex& Processing Pvt. Ltd. (Corporate Debtor) availed credit facilities worth Rs. 14,85,00,000/- from Bank of India (Respondent No. 1) on 31.03.2014. The Corporate Debtor defaulted on payment of installments in January 2016. The account was declared a Non-Performing Asset (NPA) on 07.06.2016. Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, on 06.06.2019, before the NCLT, Ahmedabad. The Corporate Debtor claimed the date of default was 28.01.2016, as admitted by the bank in DRT proceedings, and that the application was barred by limitation. The Corporate Debtor also disputed an acknowledgment of debt dated 19.11.2018, alleging forgery and filing a police complaint on 01.10.2020. The bank produced the
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M/s. RaghukulCottex& Processing Pvt. Ltd.…
The Corporate Debtor…
This is a Company Appeal (AT) (Insolvency) No. 08 of 2021 filed by the Corporate Debtor, M/s. RaghukulCottex& Processing Pvt. Ltd., against the order dated 18.12.2020 passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, Ahmedabad Court-2 in C.P. (I.B) No. 380/NCLT/AHM/2019. The NCLT admitted an application filed by Respondent No. 1 (Bank of India), a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The NCLT also declared a moratorium and appointed an Interim Resolution Professional (IRP).
M/s. RaghukulCottex& Processing Pvt. Ltd. (Corporate Debtor) availed credit facilities worth Rs. 14,85,00,000/- from Bank of India (Respondent No. 1) on 31.03.2014. The Corporate Debtor defaulted on payment of installments in January 2016. The account was declared a Non-Performing Asset (NPA) on 07.06.2016. Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, on 06.06.2019, before the NCLT, Ahmedabad. The Corporate Debtor claimed the date of default was 28.01.2016, as admitted by the bank in DRT proceedings, and that the application was barred by limitation. The Corporate Debtor also disputed an acknowledgment of debt dated 19.11.2018, alleging forgery and filing a police complaint on 01.10.2020. The bank produced the
…M/s. RaghukulCottex& Processing Pvt. Ltd.…
The Corporate Debtor…