Corporation Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Amtek Auto Limited, the corporate debtor, for initiating the insolvency resolution process due to default in payment of financial debt. The application was filed before the National Company Law Tribunal (NCLT), Chandigarh Bench. The bank claimed that Amtek Auto Limited had defaulted on loan repayments, leading to the application for insolvency resolution. The corporate debtor acknowledged the debt and did not oppose the appointment of an Interim Resolution Professional (IRP).
Corporation Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Amtek Auto Limited, a company registered under the Companies Act, 1956. Amtek Auto Limited had defaulted in making payment of the 'financial debt'. The bank's application was supported by an affidavit from Mr. Raveesha Nayak B.C., Assistant General Manager of the bank. The application was filed in Form No.1 as prescribed under Rule 4(1) of the Rules. The petitioner dispatched a copy of the application to the registered office of the 'Corporate Debtor' by Speed Post on 2017-06-28, with delivery compliance made on 2017-06-30. The matter was first listed before
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Corporation Bank is constituted under the…
The Insolven…
Corporation Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Amtek Auto Limited, the corporate debtor, for initiating the insolvency resolution process due to default in payment of financial debt. The application was filed before the National Company Law Tribunal (NCLT), Chandigarh Bench. The bank claimed that Amtek Auto Limited had defaulted on loan repayments, leading to the application for insolvency resolution. The corporate debtor acknowledged the debt and did not oppose the appointment of an Interim Resolution Professional (IRP).
Corporation Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Amtek Auto Limited, a company registered under the Companies Act, 1956. Amtek Auto Limited had defaulted in making payment of the 'financial debt'. The bank's application was supported by an affidavit from Mr. Raveesha Nayak B.C., Assistant General Manager of the bank. The application was filed in Form No.1 as prescribed under Rule 4(1) of the Rules. The petitioner dispatched a copy of the application to the registered office of the 'Corporate Debtor' by Speed Post on 2017-06-28, with delivery compliance made on 2017-06-30. The matter was first listed before
…Corporation Bank is constituted under the…
The Insolven…