The case involves an application filed by Allahabad Bank, the Financial Creditor, against Gujarat Foils Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 55,00,00,000. The Corporate Debtor raised objections, including lack of authority to file the petition, non-filing of working computation, incorrect adjustment of fixed deposits, issues with loan documents under the Gujarat Stamp Act, and the Financial Creditor acting alone despite a JLF meeting. The Financial Creditor submitted additional affidavits and authority letters to address the issue of authorization.
Allahabad Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Gujarat Foils Ltd., the Corporate Debtor, seeking to initiate CIRP. The Financial Creditor claimed a default on a loan of Rs. 55,00,00,000. The Financial Creditor submitted various documents, including sanction letters, modification of sanction letters, registered extensions of mortgage, demand promissory notes, letters of continuing security, letters of hypothecation, undertakings, board resolutions, letters of guarantee, certified account statements, and demand notices. The Corporate Debtor raised objections, including lack of authority to file the petition, non-filing of working computation, incorrect adjustment of fixed deposits, issues
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Order pronounced in open Court admitting the…
Assistant General Manager, Shri S.K. Panigrahi,…
The case involves an application filed by Allahabad Bank, the Financial Creditor, against Gujarat Foils Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 55,00,00,000. The Corporate Debtor raised objections, including lack of authority to file the petition, non-filing of working computation, incorrect adjustment of fixed deposits, issues with loan documents under the Gujarat Stamp Act, and the Financial Creditor acting alone despite a JLF meeting. The Financial Creditor submitted additional affidavits and authority letters to address the issue of authorization.
Allahabad Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Gujarat Foils Ltd., the Corporate Debtor, seeking to initiate CIRP. The Financial Creditor claimed a default on a loan of Rs. 55,00,00,000. The Financial Creditor submitted various documents, including sanction letters, modification of sanction letters, registered extensions of mortgage, demand promissory notes, letters of continuing security, letters of hypothecation, undertakings, board resolutions, letters of guarantee, certified account statements, and demand notices. The Corporate Debtor raised objections, including lack of authority to file the petition, non-filing of working computation, incorrect adjustment of fixed deposits, issues
…Order pronounced in open Court admitting the…
Assistant General Manager, Shri S.K. Panigrahi,…