The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Unit Trust of India & Ors. against Modern Syntax (India) Ltd. The petition was filed by the Financial Creditors seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Corporate Debtor had dues that were not adjudicated due to legal proceedings between 2000-2016 arising from a reference made to BIFR in 2000. The matter was listed before the NCLT multiple times, with opportunities given to the Corporate Debtor to file a reply, which it failed to do. The Corporate Debtor represented that settlement talks were in progress.
Unit Trust of India & Ors. filed an application under Section 7 of the IBC, 2016, against Modern Syntax (India) Ltd. seeking to initiate CIRP. The Corporate Debtor had outstanding dues, including principal, simple interest, overdue amounts, and penal interest, totaling a significant sum. The dues were not adjudicated due to legal proceedings between 2000-2016 arising from a reference made to BIFR in 2000. The matter was listed before the NCLT on 05.03.2018, and multiple opportunities were given to the Corporate Debtor to file a reply. The Corporate Debtor failed to file a reply, citing ongoing settlement talks. The High Court of Judicature of Rajasthan issued a stay order on the NCLT proceedings on 18.09.2018. The Financial Creditor sought to vacate the stay order,
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The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Unit Trust of India & Ors. against Modern Syntax (India) Ltd. The petition was filed by the Financial Creditors seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Corporate Debtor had dues that were not adjudicated due to legal proceedings between 2000-2016 arising from a reference made to BIFR in 2000. The matter was listed before the NCLT multiple times, with opportunities given to the Corporate Debtor to file a reply, which it failed to do. The Corporate Debtor represented that settlement talks were in progress.
Unit Trust of India & Ors. filed an application under Section 7 of the IBC, 2016, against Modern Syntax (India) Ltd. seeking to initiate CIRP. The Corporate Debtor had outstanding dues, including principal, simple interest, overdue amounts, and penal interest, totaling a significant sum. The dues were not adjudicated due to legal proceedings between 2000-2016 arising from a reference made to BIFR in 2000. The matter was listed before the NCLT on 05.03.2018, and multiple opportunities were given to the Corporate Debtor to file a reply. The Corporate Debtor failed to file a reply, citing ongoing settlement talks. The High Court of Judicature of Rajasthan issued a stay order on the NCLT proceedings on 18.09.2018. The Financial Creditor sought to vacate the stay order,
…A reference was made to the Board for…
The matter was first listed before the…