The case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Bank of Baroda (formerly Dena Bank) against Sunrise Ginning Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, admitted the application via an order dated November 20, 2019. The appellant challenged this order, arguing that the application was barred by limitation.
Bank of Baroda (formerly Dena Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sunrise Ginning Private Limited (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, admitted the application on November 20, 2019. The Corporate Debtor had defaulted on loan repayments, leading to the account being declared a Non-Performing Asset (NPA). The bank issued a notice under Section 13(2) of the SARFAESI Act on September 3, 2014, demanding payment of Rs. 12,57,86,554.88. The bank also initiated proceedings before the Debt Recovery Tribunal, Ahmedabad, in 2016. The application under Section 7 of the IBC was filed on October
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Dena Bank sanctioned a cash credit…
The Corporate Debtor…
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The case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Bank of Baroda (formerly Dena Bank) against Sunrise Ginning Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, admitted the application via an order dated November 20, 2019. The appellant challenged this order, arguing that the application was barred by limitation.
Bank of Baroda (formerly Dena Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sunrise Ginning Private Limited (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, admitted the application on November 20, 2019. The Corporate Debtor had defaulted on loan repayments, leading to the account being declared a Non-Performing Asset (NPA). The bank issued a notice under Section 13(2) of the SARFAESI Act on September 3, 2014, demanding payment of Rs. 12,57,86,554.88. The bank also initiated proceedings before the Debt Recovery Tribunal, Ahmedabad, in 2016. The application under Section 7 of the IBC was filed on October
…Dena Bank sanctioned a cash credit…
The Corporate Debtor…
Sign in to view related legal provisions.