The case pertains to an application filed by M/s Miditech Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant, M/s Miditech Private Limited, is the corporate debtor. The application was filed due to the company's inability to service its interest dues to Canara Bank and Jupiter Capital Private Limited, leading to default. Canara Bank raised objections, alleging diversion of funds by the applicant to related companies and questioning the completeness of the application.
M/s Miditech Private Limited, the applicant and corporate debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company had availed credit facilities from Canara Bank and Jupiter Capital Private Limited. Due to an economic slowdown in 2008 and other reasons, the company suffered losses and defaulted on its interest dues. Canara Bank declared the company's account as a Non-Performing Asset (NPA) on 17.04.2015 and issued a recall notice for Rs. 850.32 lacs. Canara Bank also filed O.A No. 923 of 2017 before the Debts Recovery Tribunal, Delhi, for recovery of dues. The applicant company admitted to committing default, which exceeded the minimum amount of one lakh rupees
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M/s Miditech Private…
An economic slowdown…
The case pertains to an application filed by M/s Miditech Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant, M/s Miditech Private Limited, is the corporate debtor. The application was filed due to the company's inability to service its interest dues to Canara Bank and Jupiter Capital Private Limited, leading to default. Canara Bank raised objections, alleging diversion of funds by the applicant to related companies and questioning the completeness of the application.
M/s Miditech Private Limited, the applicant and corporate debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company had availed credit facilities from Canara Bank and Jupiter Capital Private Limited. Due to an economic slowdown in 2008 and other reasons, the company suffered losses and defaulted on its interest dues. Canara Bank declared the company's account as a Non-Performing Asset (NPA) on 17.04.2015 and issued a recall notice for Rs. 850.32 lacs. Canara Bank also filed O.A No. 923 of 2017 before the Debts Recovery Tribunal, Delhi, for recovery of dues. The applicant company admitted to committing default, which exceeded the minimum amount of one lakh rupees
…M/s Miditech Private…
An economic slowdown…