The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, by State Bank of India against Agro Dutch Industries Limited. A winding-up petition against the Corporate Debtor had already been admitted by the Hon'ble High Court of Punjab & Haryana. The Provisional Liquidator appointed by the High Court is also involved in the NCLT proceedings. The NCLT is considering the admissibility of the Section 7 petition despite the ongoing winding-up proceedings.
State Bank of India filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Agro Dutch Industries Limited. A winding-up petition against Agro Dutch Industries Limited had already been admitted by the High Court of Punjab & Haryana. The account of Agro Dutch Industries Limited was declared NPA on 30.06.2009. A Master Restructuring Agreement was executed on 26.03.2011 between the Corporate Debtor and the consortium bank including the petitioner. The total amount of default is ₹1622415380.11. The debts were granted from September 2009 to April 2010. The Corporate Debtor acknowledged its liability in a letter dated 30.11.2015, for the purpose of Section 18 of the Limitation Act, 1963. The petition was filed on 04.02.2019. The petitioner
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The account of Agro…
Debts were granted…
The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, by State Bank of India against Agro Dutch Industries Limited. A winding-up petition against the Corporate Debtor had already been admitted by the Hon'ble High Court of Punjab & Haryana. The Provisional Liquidator appointed by the High Court is also involved in the NCLT proceedings. The NCLT is considering the admissibility of the Section 7 petition despite the ongoing winding-up proceedings.
State Bank of India filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Agro Dutch Industries Limited. A winding-up petition against Agro Dutch Industries Limited had already been admitted by the High Court of Punjab & Haryana. The account of Agro Dutch Industries Limited was declared NPA on 30.06.2009. A Master Restructuring Agreement was executed on 26.03.2011 between the Corporate Debtor and the consortium bank including the petitioner. The total amount of default is ₹1622415380.11. The debts were granted from September 2009 to April 2010. The Corporate Debtor acknowledged its liability in a letter dated 30.11.2015, for the purpose of Section 18 of the Limitation Act, 1963. The petition was filed on 04.02.2019. The petitioner
…The account of Agro…
Debts were granted…