This case involves an appeal filed by KVR Industries Private Limited (Corporate Debtor) against an order passed by the Adjudicating Authority (National Company Law Tribunal, Amaravati Bench, Hyderabad) in I.A. Nos. 41/2020, 42/2020, 51/2020, 52/2020 and 62/2020 in CP (IB) No. 204/7/AMR/2019. The Corporate Debtor sought to initiate criminal proceedings against Mr. Praful Prakash Bafna, the authorized signatory of the Financial Creditor, alleging forgery of signatures on certain applications. The Adjudicating Authority dismissed the Corporate Debtor's applications and restored the Company Petition CP/204/2019, which had been earlier disposed of when an application by an Operational Creditor was admitted. The Corporate Debtor appealed this restoration.
M/s. PP Bafna Ventures Private Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code against M/s. KVR Industries Private Limited (Corporate Debtor) for default in payment of a financial debt. An operational creditor, M/s. Eshwar Enterprises, also filed a petition against the Corporate Debtor, which was admitted, leading to the disposal of the Financial Creditor's petition. Later, the operational creditor's petition was settled and withdrawn. The Financial Creditor then filed I.A. Nos. 41 and 42 of 2020 seeking restoration of its Company Petition and interim orders. The Corporate Debtor filed I.A. Nos. 51 and 52 of 2020 alleging forgery of the Financial Creditor's signatures on I.A. Nos. 41 and 42 and sought criminal
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Financial Creditor…
Petition of M/s. Eshwar Enterprises…
This case involves an appeal filed by KVR Industries Private Limited (Corporate Debtor) against an order passed by the Adjudicating Authority (National Company Law Tribunal, Amaravati Bench, Hyderabad) in I.A. Nos. 41/2020, 42/2020, 51/2020, 52/2020 and 62/2020 in CP (IB) No. 204/7/AMR/2019. The Corporate Debtor sought to initiate criminal proceedings against Mr. Praful Prakash Bafna, the authorized signatory of the Financial Creditor, alleging forgery of signatures on certain applications. The Adjudicating Authority dismissed the Corporate Debtor's applications and restored the Company Petition CP/204/2019, which had been earlier disposed of when an application by an Operational Creditor was admitted. The Corporate Debtor appealed this restoration.
M/s. PP Bafna Ventures Private Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code against M/s. KVR Industries Private Limited (Corporate Debtor) for default in payment of a financial debt. An operational creditor, M/s. Eshwar Enterprises, also filed a petition against the Corporate Debtor, which was admitted, leading to the disposal of the Financial Creditor's petition. Later, the operational creditor's petition was settled and withdrawn. The Financial Creditor then filed I.A. Nos. 41 and 42 of 2020 seeking restoration of its Company Petition and interim orders. The Corporate Debtor filed I.A. Nos. 51 and 52 of 2020 alleging forgery of the Financial Creditor's signatures on I.A. Nos. 41 and 42 and sought criminal
…Financial Creditor…
Petition of M/s. Eshwar Enterprises…