Pondicherry Extraction Industries Pvt. Ltd. filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, before the Adjudicating Authority (NCLT, Division Bench-I, Chennai) for initiating the corporate insolvency resolution process (CIRP). The application was rejected by the Adjudicating Authority due to discrepancies in the financial statements and the belief that the application was filed with an ulterior motive to defeat SARFAESI measures initiated by the financial creditor, Bank of Baroda. The Adjudicating Authority noted discrepancies in audited balance sheets and a depletion in the general reserve amount, which the Corporate Applicant could not explain. The Adjudicating Authority believed the application was surrounded by doubts and
…Pondicherry Extraction Industries Pvt. Ltd. (the Corporate Applicant) filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process. The Corporate Applicant is a guarantor for a loan taken by JR Foods Ltd. from Bank of Baroda (the Financial Creditor). JR Foods Ltd. defaulted on its repayment obligations, leading to its accounts being classified as NPA on 2019-03-30. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, to the borrower and the guarantor. The shareholders of the Corporate Applicant approved the initiation of CIRP in an Extraordinary General Meeting held on 2019-09-12. The Adjudicating Authority (NCLT, Chennai) rejected the application due
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Accounts of JR Foods…
Shareholders of the Corporate Applicant…
Pondicherry Extraction Industries Pvt. Ltd. filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, before the Adjudicating Authority (NCLT, Division Bench-I, Chennai) for initiating the corporate insolvency resolution process (CIRP). The application was rejected by the Adjudicating Authority due to discrepancies in the financial statements and the belief that the application was filed with an ulterior motive to defeat SARFAESI measures initiated by the financial creditor, Bank of Baroda. The Adjudicating Authority noted discrepancies in audited balance sheets and a depletion in the general reserve amount, which the Corporate Applicant could not explain. The Adjudicating Authority believed the application was surrounded by doubts and
…Pondicherry Extraction Industries Pvt. Ltd. (the Corporate Applicant) filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process. The Corporate Applicant is a guarantor for a loan taken by JR Foods Ltd. from Bank of Baroda (the Financial Creditor). JR Foods Ltd. defaulted on its repayment obligations, leading to its accounts being classified as NPA on 2019-03-30. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, to the borrower and the guarantor. The shareholders of the Corporate Applicant approved the initiation of CIRP in an Extraordinary General Meeting held on 2019-09-12. The Adjudicating Authority (NCLT, Chennai) rejected the application due
…Accounts of JR Foods…
Shareholders of the Corporate Applicant…