The Corporate Debtor filed an application seeking restoration of a Company Petition where an admission order had initiated the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a petition by the Financial Creditor. The Corporate Debtor had availed a housing loan facility of Rs.1,06,20,000/- from the Financial Creditor, and the mortgaged property was repossessed after the account was declared a non-performing asset (NPA). The Corporate Debtor claimed they believed the property had been sold and proceeds appropriated. They learned of the CIRP initiation later through the appointed Resolution Professional (RP).
M/s Fort Biotech Pvt. Ltd. (Corporate Debtor) sought the restoration of a Company Petition after an order of admission initiated CIRP against them. DCB Bank Limited (Financial Creditor) had sanctioned a housing loan of Rs. 1,06,20,000/- to the Corporate Debtor. The Financial Creditor repossessed the mortgaged property after the account was declared an NPA. The Corporate Debtor claimed they were unaware of the CIRP until informed by the Resolution Professional (RP). The Corporate Debtor argued they did not receive notice of the initial application and sought an opportunity to contest it. The Corporate Debtor's registered office address had changed, and they were under a notice of eviction from the landlord. The Financial Creditor argued that the application was an
…Sign in to view the parties.
The Corporate Debtor was evicted from its…
Reference to an order dated 21.02.2019 in IA…
The Corporate Debtor filed an application seeking restoration of a Company Petition where an admission order had initiated the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a petition by the Financial Creditor. The Corporate Debtor had availed a housing loan facility of Rs.1,06,20,000/- from the Financial Creditor, and the mortgaged property was repossessed after the account was declared a non-performing asset (NPA). The Corporate Debtor claimed they believed the property had been sold and proceeds appropriated. They learned of the CIRP initiation later through the appointed Resolution Professional (RP).
M/s Fort Biotech Pvt. Ltd. (Corporate Debtor) sought the restoration of a Company Petition after an order of admission initiated CIRP against them. DCB Bank Limited (Financial Creditor) had sanctioned a housing loan of Rs. 1,06,20,000/- to the Corporate Debtor. The Financial Creditor repossessed the mortgaged property after the account was declared an NPA. The Corporate Debtor claimed they were unaware of the CIRP until informed by the Resolution Professional (RP). The Corporate Debtor argued they did not receive notice of the initial application and sought an opportunity to contest it. The Corporate Debtor's registered office address had changed, and they were under a notice of eviction from the landlord. The Financial Creditor argued that the application was an
…The Corporate Debtor was evicted from its…
Reference to an order dated 21.02.2019 in IA…