The case pertains to an application filed by M/s Asis Plywood Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The applicant company, incorporated in 1956, faced financial difficulties, leading to its net worth becoming negative. It had availed credit facilities from Janakalyan Sahakari Bak Ltd. (JSBL) and State Bank of India (SBI). The company also provided a corporate guarantee for a loan availed by M/s Shirdi Industries Limited. Due to defaults, SARFAESI actions and recovery proceedings were initiated against the applicant. The financial creditor, Jan Kalyan Sahakari Bank, objected to the application, arguing that it was filed to defeat a recovery
…M/s Asis Plywood Limited, the applicant, is a company incorporated under the Companies Act, 1956. The company filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company had availed credit facilities from Janakalyan Sahakari Bak Ltd. (JSBL) and State Bank of India (SBI). The company also provided a corporate guarantee for a loan availed by M/s Shirdi Industries Limited. Due to defaults in repayment, SARFAESI actions and recovery proceedings were initiated against the applicant. The financial creditor, Jan Kalyan Sahakari Bank, objected to the application, arguing that it was filed to defeat a recovery certificate issued by the Assistant Registrar/Deputy
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The case pertains to an application filed by M/s Asis Plywood Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The applicant company, incorporated in 1956, faced financial difficulties, leading to its net worth becoming negative. It had availed credit facilities from Janakalyan Sahakari Bak Ltd. (JSBL) and State Bank of India (SBI). The company also provided a corporate guarantee for a loan availed by M/s Shirdi Industries Limited. Due to defaults, SARFAESI actions and recovery proceedings were initiated against the applicant. The financial creditor, Jan Kalyan Sahakari Bank, objected to the application, arguing that it was filed to defeat a recovery
…M/s Asis Plywood Limited, the applicant, is a company incorporated under the Companies Act, 1956. The company filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company had availed credit facilities from Janakalyan Sahakari Bak Ltd. (JSBL) and State Bank of India (SBI). The company also provided a corporate guarantee for a loan availed by M/s Shirdi Industries Limited. Due to defaults in repayment, SARFAESI actions and recovery proceedings were initiated against the applicant. The financial creditor, Jan Kalyan Sahakari Bank, objected to the application, arguing that it was filed to defeat a recovery certificate issued by the Assistant Registrar/Deputy
…The judgmen…
Certified copy of the Board resolution dated…