The appeal was filed by Sarang Kumar Wadhawan, a shareholder of Privilege Power and Infrastructure Private Limited (PPIL), against the order dated 15.02.2023 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which initiated Corporate Insolvency Resolution Process (CIRP) against PPIL based on a Section 7 application by Unity Small Finance Bank Ltd.
The Corporate Debtor, Privilege Power and Infrastructure Private Limited (PPIL), availed an overdraft facility from Punjab and Maharashtra Co-operative Bank (later Unity Small Finance Bank Ltd.) in 2007.
The Appellant, Sarang Kumar Wadhawan, is a shareholder of the Corporate Debtor.
The account of the Corporate Debtor was declared NPA on 31.08.2012.
The Financial Creditor filed a Section 7 application in 2020 to initiate CIRP against the Corporate Debtor.
The Appellant argued that the Section 7 application was barred by limitation.
The Financial Creditor argued that the limitation period was extended due to fraudulent concealment and subsequent acknowledgments of debt.
PMC Bank merged with USFBL on 25 January 2022.
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Order passed by the National Company Law…
Punjab and Maharashtra Co-operative Bank…
The appeal was filed by Sarang Kumar Wadhawan, a shareholder of Privilege Power and Infrastructure Private Limited (PPIL), against the order dated 15.02.2023 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which initiated Corporate Insolvency Resolution Process (CIRP) against PPIL based on a Section 7 application by Unity Small Finance Bank Ltd.
The Corporate Debtor, Privilege Power and Infrastructure Private Limited (PPIL), availed an overdraft facility from Punjab and Maharashtra Co-operative Bank (later Unity Small Finance Bank Ltd.) in 2007.
The Appellant, Sarang Kumar Wadhawan, is a shareholder of the Corporate Debtor.
The account of the Corporate Debtor was declared NPA on 31.08.2012.
The Financial Creditor filed a Section 7 application in 2020 to initiate CIRP against the Corporate Debtor.
The Appellant argued that the Section 7 application was barred by limitation.
The Financial Creditor argued that the limitation period was extended due to fraudulent concealment and subsequent acknowledgments of debt.
PMC Bank merged with USFBL on 25 January 2022.
…Order passed by the National Company Law…
Punjab and Maharashtra Co-operative Bank…