The case involves an appeal filed by Trinity Auto Components Ltd. against an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench, regarding an application (IA No. 2585 of 2019) moved by the appellant. The appellant was under a BIFR scheme, and disputes arose regarding interest charged by Axis Bank. The appellant filed an application under Section 10 of the IBC, and a resolution plan was approved.
Trinity Auto Components Ltd. was engaged in the manufacture of critical closed die forged parts for engines and chassis for heavy commercial vehicles.
The company was taken over for rehabilitation by Tarini Steels Ltd. under a scheme sanctioned by the erstwhile Board for Industrial & Financial Reconstruction (BIFR).
Axis Bank Ltd., the respondent, continued to charge interest between 14.75% and 16.00% p.a. against 12% p.a. as against 12% p.a. w.e.f. 31.03.2011, despite the BIFR scheme.
The appellant filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, and CIRP was initiated on 25.05.2017.
A resolution plan was approved by the CoC and the adjudicating authority on 22.01.2018.
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The company was taken over for its…
The BIFR scheme was also modified by the…
The case involves an appeal filed by Trinity Auto Components Ltd. against an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench, regarding an application (IA No. 2585 of 2019) moved by the appellant. The appellant was under a BIFR scheme, and disputes arose regarding interest charged by Axis Bank. The appellant filed an application under Section 10 of the IBC, and a resolution plan was approved.
Trinity Auto Components Ltd. was engaged in the manufacture of critical closed die forged parts for engines and chassis for heavy commercial vehicles.
The company was taken over for rehabilitation by Tarini Steels Ltd. under a scheme sanctioned by the erstwhile Board for Industrial & Financial Reconstruction (BIFR).
Axis Bank Ltd., the respondent, continued to charge interest between 14.75% and 16.00% p.a. against 12% p.a. as against 12% p.a. w.e.f. 31.03.2011, despite the BIFR scheme.
The appellant filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, and CIRP was initiated on 25.05.2017.
A resolution plan was approved by the CoC and the adjudicating authority on 22.01.2018.
…The company was taken over for its…
The BIFR scheme was also modified by the…