The case involves an application for the consolidation of the Corporate Insolvency Resolution Processes (CIRP) of Aditya Vidyut Appliances Ltd. (AVAL) and Aditya Fabrication Pvt. Ltd. (AFPL). AVAL was admitted into CIRP on September 11, 2019, following a default in payment of INR 4,32,70,548/-. AFPL was admitted into CIRP on May 15, 2020. The applicant, TJSB Sahakari Bank Ltd., sought the consolidation to maximize the value of assets for all creditors and stakeholders. The application was filed due to the heavy interdependence of the two companies, common promoters, shared facilities, and intertwined financial relationships.
Aditya Vidyut Appliances Ltd. (AVAL) was admitted into CIRP on September 11, 2019, due to a default in payment of INR 4,32,70,548/-. Mr. Kshitiz Gupta was appointed as the Interim Resolution Professional. Aditya Fabrication Private Limited (AFPL) was admitted into CIRP on May 15, 2020. TJSB Sahakari Bank Ltd., a creditor, filed an application seeking consolidation of the CIRP of AVAL and AFPL. AVAL and AFPL have a registered address at the same location. AVAL holds 45% of the shareholding of AFPL. Both companies have common promoters and a common suspended director, Mr. Narayan Shenvi Prabhu. Land belonging to AFPL is leased to AVAL and mortgaged to the consortium of lenders to secure loans to AVAL. The committee of creditors of AFPL constitutes approximately 82.85% of
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AVAL was admitted into CIRP by the NCLT, Mumbai…
The first meeting of…
The case involves an application for the consolidation of the Corporate Insolvency Resolution Processes (CIRP) of Aditya Vidyut Appliances Ltd. (AVAL) and Aditya Fabrication Pvt. Ltd. (AFPL). AVAL was admitted into CIRP on September 11, 2019, following a default in payment of INR 4,32,70,548/-. AFPL was admitted into CIRP on May 15, 2020. The applicant, TJSB Sahakari Bank Ltd., sought the consolidation to maximize the value of assets for all creditors and stakeholders. The application was filed due to the heavy interdependence of the two companies, common promoters, shared facilities, and intertwined financial relationships.
Aditya Vidyut Appliances Ltd. (AVAL) was admitted into CIRP on September 11, 2019, due to a default in payment of INR 4,32,70,548/-. Mr. Kshitiz Gupta was appointed as the Interim Resolution Professional. Aditya Fabrication Private Limited (AFPL) was admitted into CIRP on May 15, 2020. TJSB Sahakari Bank Ltd., a creditor, filed an application seeking consolidation of the CIRP of AVAL and AFPL. AVAL and AFPL have a registered address at the same location. AVAL holds 45% of the shareholding of AFPL. Both companies have common promoters and a common suspended director, Mr. Narayan Shenvi Prabhu. Land belonging to AFPL is leased to AVAL and mortgaged to the consortium of lenders to secure loans to AVAL. The committee of creditors of AFPL constitutes approximately 82.85% of
…AVAL was admitted into CIRP by the NCLT, Mumbai…
The first meeting of…