The case pertains to CP 400/2019 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner, The Karad Janata Sahakari Bank Limited, initiated the insolvency proceedings against the corporate debtor, Agricare Foods Private Limited. However, the petitioner failed to appear on multiple occasions, including the hearing on 08.03.2021. The counsel appearing for the Corporate Debtor informed the Bench that an administrator had been appointed for the Petitioner Bank by the RBI, and a notice to the administrator was ordered by the Bench but was not complied with.
The Karad Janata Sahakari Bank Limited filed CP 400/2019 against Agricare Foods Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Petitioner failed to appear in court on multiple occasions, including the hearing on 08.03.2021. The counsel for Agricare Foods Private Limited informed the court that the Reserve Bank of India (RBI) had appointed an administrator for The Karad Janata Sahakari Bank Limited. The court had ordered a notice to be served to the administrator, but this order was not complied with. Due to the petitioner's absence and apparent lack of interest in prosecuting the matter, the court dismissed the case for non-prosecution. The appointment of an administrator by the RBI suggests potential financial or regulatory issues
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The petitioner was absent during the hearing.…
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The case pertains to CP 400/2019 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner, The Karad Janata Sahakari Bank Limited, initiated the insolvency proceedings against the corporate debtor, Agricare Foods Private Limited. However, the petitioner failed to appear on multiple occasions, including the hearing on 08.03.2021. The counsel appearing for the Corporate Debtor informed the Bench that an administrator had been appointed for the Petitioner Bank by the RBI, and a notice to the administrator was ordered by the Bench but was not complied with.
The Karad Janata Sahakari Bank Limited filed CP 400/2019 against Agricare Foods Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Petitioner failed to appear in court on multiple occasions, including the hearing on 08.03.2021. The counsel for Agricare Foods Private Limited informed the court that the Reserve Bank of India (RBI) had appointed an administrator for The Karad Janata Sahakari Bank Limited. The court had ordered a notice to be served to the administrator, but this order was not complied with. Due to the petitioner's absence and apparent lack of interest in prosecuting the matter, the court dismissed the case for non-prosecution. The appointment of an administrator by the RBI suggests potential financial or regulatory issues
…The petitioner was absent during the hearing.…
CP 400/2019 was dismissed for…
Sign in to view related legal provisions.