The appeal was filed by the Erstwhile Director of Modern Syntex (India) Limited (Corporate Debtor) against the order of the Adjudicating Authority (NCLT) dated 15.06.2023. The main application was filed jointly by the Administrator of Specified Undertaking of Unit Trust of India (SUUTI) and its sister concern UTI Trust Private Limited under Section 7 of IBC, 2016, seeking initiation of CIRP against Modern Syntex (India) Limited. The application was allowed on 23.08.2022, and Mr. Partha Sarathy Sarkar was appointed as IRP, later confirmed as RP. The applicant submitted that RP had not verified SUUTI's claim from the books of accounts and ignored the OTS dated 23.10.2008. SUUTI had sanctioned/subscribed to debentures and UTNs in 1994-95. The Corporate Debtor initiated
…The Corporate Debtor, Modern Syntex (India) Limited, faced CIRP proceedings initiated by SUUTI and UTI Trust Private Limited under Section 7 of IBC, 2016. SUUTI had sanctioned debentures and UTNs to the Corporate Debtor in 1994-95. In 2008, an OTS was entered for Rs.16.00 Crores, but the Corporate Debtor failed to pay the remaining amount of Rs.13.6 Crores after paying Rs. 2.40 Crores. SUUTI filed a claim of Rs. 4874,97,58,908/-, and UTI Trust Private Limited filed a claim of Rs. 916,19,56,515/-. The RP admitted the claim of SUUTI and its sister concern, totaling Rs. 5791,17,15,425/-. The appellant, an independent director, challenged the admission of SUUTI's claim, arguing that it should have been admitted as per the OTS. However, SUUTI contended that the OTS was
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The main application bearing CP No.…
The application was allowed as per order dated…
The appeal was filed by the Erstwhile Director of Modern Syntex (India) Limited (Corporate Debtor) against the order of the Adjudicating Authority (NCLT) dated 15.06.2023. The main application was filed jointly by the Administrator of Specified Undertaking of Unit Trust of India (SUUTI) and its sister concern UTI Trust Private Limited under Section 7 of IBC, 2016, seeking initiation of CIRP against Modern Syntex (India) Limited. The application was allowed on 23.08.2022, and Mr. Partha Sarathy Sarkar was appointed as IRP, later confirmed as RP. The applicant submitted that RP had not verified SUUTI's claim from the books of accounts and ignored the OTS dated 23.10.2008. SUUTI had sanctioned/subscribed to debentures and UTNs in 1994-95. The Corporate Debtor initiated
…The Corporate Debtor, Modern Syntex (India) Limited, faced CIRP proceedings initiated by SUUTI and UTI Trust Private Limited under Section 7 of IBC, 2016. SUUTI had sanctioned debentures and UTNs to the Corporate Debtor in 1994-95. In 2008, an OTS was entered for Rs.16.00 Crores, but the Corporate Debtor failed to pay the remaining amount of Rs.13.6 Crores after paying Rs. 2.40 Crores. SUUTI filed a claim of Rs. 4874,97,58,908/-, and UTI Trust Private Limited filed a claim of Rs. 916,19,56,515/-. The RP admitted the claim of SUUTI and its sister concern, totaling Rs. 5791,17,15,425/-. The appellant, an independent director, challenged the admission of SUUTI's claim, arguing that it should have been admitted as per the OTS. However, SUUTI contended that the OTS was
…The main application bearing CP No.…
The application was allowed as per order dated…