This appeal was filed by the Suspended Director of the Corporate Debtor challenging the order dated 02.02.2024 passed by the National Company Law Tribunal (NCLT), Division (Special) Bench, Court No.II, Kolkata, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Canara Bank, the Financial Creditor. The appellant contended that the Section 7 application was barred by Section 10A of the IBC.
Canara Bank sanctioned a Cash Credit Limit of Rs.6 crores and FLC of Rs.4 crores, totaling Rs.10 crores, to Ananya Wood Private Limited (Corporate Debtor) on 28.08.2016. A Working Capital Consortium was executed on 23.12.2016 for Rs.42.30 crores, with Canara Bank sanctioning Rs.7 crores and State Bank of India Rs.35.30 crores. The Financial Creditor last renewed the Sanctioned Facilities on 26.07.2019 for one year. The Corporate Debtor's account was declared NPA on 14.02.2020. A notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 18.02.2020. M/s Rajgaria Timber Private Limited filed a Writ Petition Appeal (APO No.111 of 2020) questioning the SARFAESI Act steps, which was disposed of directing SBI to decide on the 270 days credit issue. On 15.02.2022,
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Canara Bank sanctioned Cash Credit Limit of…
Working Capital…
This appeal was filed by the Suspended Director of the Corporate Debtor challenging the order dated 02.02.2024 passed by the National Company Law Tribunal (NCLT), Division (Special) Bench, Court No.II, Kolkata, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Canara Bank, the Financial Creditor. The appellant contended that the Section 7 application was barred by Section 10A of the IBC.
Canara Bank sanctioned a Cash Credit Limit of Rs.6 crores and FLC of Rs.4 crores, totaling Rs.10 crores, to Ananya Wood Private Limited (Corporate Debtor) on 28.08.2016. A Working Capital Consortium was executed on 23.12.2016 for Rs.42.30 crores, with Canara Bank sanctioning Rs.7 crores and State Bank of India Rs.35.30 crores. The Financial Creditor last renewed the Sanctioned Facilities on 26.07.2019 for one year. The Corporate Debtor's account was declared NPA on 14.02.2020. A notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 18.02.2020. M/s Rajgaria Timber Private Limited filed a Writ Petition Appeal (APO No.111 of 2020) questioning the SARFAESI Act steps, which was disposed of directing SBI to decide on the 270 days credit issue. On 15.02.2022,
…Canara Bank sanctioned Cash Credit Limit of…
Working Capital…