Shree Ambica Rice Mill, a financial creditor, filed an appeal against an order dated 07.10.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench, Court-I), which dismissed their application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) as collusive. The financial creditor had extended loans to M/s Kaneri Agro Industries Limited, the corporate debtor. The corporate debtor failed to repay the outstanding amount despite repeated reminders. The Adjudicating Authority dismissed the application, leading to the present appeal.
Shree Ambica Rice Mill, a registered partnership firm, is engaged in the business of paddy milling, boiling, trading, and manufacturing of rice. M/s Kaneri Agro Industries Limited, a public limited company incorporated on 11.09.2018, availed loans from Shree Ambica Rice Mill. On 20.04.2019, the Corporate Debtor took a loan of Rs. 10 lacs from the Financial Creditor. Despite reminders, the Corporate Debtor failed to pay the outstanding amount. The Financial Creditor filed an application under Section 7 of the IBC on 19.10.2019. The Corporate Debtor, through an affidavit dated 03.01.2020, admitted the debt but stated no objection to the application's admission. The Adjudicating Authority dismissed the application, deeming it collusive. The Financial Creditor's MCA data
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M/s Kaneri Agro…
Bank of Baroda…
Shree Ambica Rice Mill, a financial creditor, filed an appeal against an order dated 07.10.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench, Court-I), which dismissed their application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) as collusive. The financial creditor had extended loans to M/s Kaneri Agro Industries Limited, the corporate debtor. The corporate debtor failed to repay the outstanding amount despite repeated reminders. The Adjudicating Authority dismissed the application, leading to the present appeal.
Shree Ambica Rice Mill, a registered partnership firm, is engaged in the business of paddy milling, boiling, trading, and manufacturing of rice. M/s Kaneri Agro Industries Limited, a public limited company incorporated on 11.09.2018, availed loans from Shree Ambica Rice Mill. On 20.04.2019, the Corporate Debtor took a loan of Rs. 10 lacs from the Financial Creditor. Despite reminders, the Corporate Debtor failed to pay the outstanding amount. The Financial Creditor filed an application under Section 7 of the IBC on 19.10.2019. The Corporate Debtor, through an affidavit dated 03.01.2020, admitted the debt but stated no objection to the application's admission. The Adjudicating Authority dismissed the application, deeming it collusive. The Financial Creditor's MCA data
…M/s Kaneri Agro…
Bank of Baroda…