Canara Bank Limited filed a Company Petition (CP(IB)/3/7/AMR/2024) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Vasavi Power Services Private Limited. Vasavi Power Services Private Limited filed an Interlocutory Application (IA(IBC)/418/2024) under Section 60(5) of the IBC, seeking dismissal of the CP, primarily arguing that the date of default was incorrectly stated and the petition was barred by limitation.
Canara Bank Limited (Financial Creditor) filed CP(IB)/3/7/AMR/2024 under Section 7 of IBC against Vasavi Power Services Private Limited (Corporate Debtor).
Vasavi Power Services Private Limited filed IA(IBC)/418/2024 seeking dismissal of the CP, arguing incorrect date of default and limitation.
The Corporate Debtor's account was classified as NPA on 30.11.2015.
The Financial Creditor alleged 17.08.2023 as the date of default in the Section 7 Petition.
A One-Time Settlement (OTS) was sanctioned on 19.05.2023 but later withdrawn by the Financial Creditor on 18.08.2023.
The Financial Creditor filed a Rejoinder on 16.10.2024 in the CP, beyond the two-week period granted from 21.08.2024.
The CP was filed on 27.01.2024, while the consent from the proposed IRP was dated 11.02.2023.
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Canara Bank Limited filed a Company Petition (CP(IB)/3/7/AMR/2024) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Vasavi Power Services Private Limited. Vasavi Power Services Private Limited filed an Interlocutory Application (IA(IBC)/418/2024) under Section 60(5) of the IBC, seeking dismissal of the CP, primarily arguing that the date of default was incorrectly stated and the petition was barred by limitation.
Canara Bank Limited (Financial Creditor) filed CP(IB)/3/7/AMR/2024 under Section 7 of IBC against Vasavi Power Services Private Limited (Corporate Debtor).
Vasavi Power Services Private Limited filed IA(IBC)/418/2024 seeking dismissal of the CP, arguing incorrect date of default and limitation.
The Corporate Debtor's account was classified as NPA on 30.11.2015.
The Financial Creditor alleged 17.08.2023 as the date of default in the Section 7 Petition.
A One-Time Settlement (OTS) was sanctioned on 19.05.2023 but later withdrawn by the Financial Creditor on 18.08.2023.
The Financial Creditor filed a Rejoinder on 16.10.2024 in the CP, beyond the two-week period granted from 21.08.2024.
The CP was filed on 27.01.2024, while the consent from the proposed IRP was dated 11.02.2023.
…The Corporate Debtor's…
One-Time Settlement…