The appeal arises from two orders dated 25.09.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack). The first order rejected an IA filed by the Appellant, and the second order admitted a Section 7 application filed by JM Financial Asset Reconstruction Company Limited (Respondent No. 1) initiating Corporate Insolvency Resolution Process (CIRP) against Maa Durga Commotrade Private Limited (Corporate Debtor). The suspended director of the Corporate Debtor filed the present appeal challenging both orders.
Maa Durga Commotrade Pvt. Ltd. (Corporate Debtor) obtained credit facility of Rs.1 crore from Karnataka Bank Limited (KBL) in 2010. The loan account was classified as NPA on 05.07.2013 due to non-repayment. KBL sent a SARFAESI notice on 29.08.2013, and the Corporate Debtor replied on 06.09.2013. KBL assigned the debt to JM Financial Asset Reconstruction Company Ltd. (Respondent No.1) on 15.12.2014. The Corporate Debtor submitted an OTS proposal on 21.10.2016, which was approved but later revoked due to non-payment. Respondent No.1 filed a Section 7 petition under IBC. The Adjudicating Authority reserved orders on 07.08.2023 and pronounced them on 25.09.2023. The Corporate Debtor filed IA No. 253/CB/2023 seeking recall of the order, which was dismissed. The Adjudicating
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Maa Durga Commotrade Pvt. Ltd. obtained credit…
The loan account was…
The appeal arises from two orders dated 25.09.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack). The first order rejected an IA filed by the Appellant, and the second order admitted a Section 7 application filed by JM Financial Asset Reconstruction Company Limited (Respondent No. 1) initiating Corporate Insolvency Resolution Process (CIRP) against Maa Durga Commotrade Private Limited (Corporate Debtor). The suspended director of the Corporate Debtor filed the present appeal challenging both orders.
Maa Durga Commotrade Pvt. Ltd. (Corporate Debtor) obtained credit facility of Rs.1 crore from Karnataka Bank Limited (KBL) in 2010. The loan account was classified as NPA on 05.07.2013 due to non-repayment. KBL sent a SARFAESI notice on 29.08.2013, and the Corporate Debtor replied on 06.09.2013. KBL assigned the debt to JM Financial Asset Reconstruction Company Ltd. (Respondent No.1) on 15.12.2014. The Corporate Debtor submitted an OTS proposal on 21.10.2016, which was approved but later revoked due to non-payment. Respondent No.1 filed a Section 7 petition under IBC. The Adjudicating Authority reserved orders on 07.08.2023 and pronounced them on 25.09.2023. The Corporate Debtor filed IA No. 253/CB/2023 seeking recall of the order, which was dismissed. The Adjudicating
…Maa Durga Commotrade Pvt. Ltd. obtained credit…
The loan account was…