M/s. Neesa Agritech and Foods Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, as an operational creditor/applicant. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP). Several financial creditors, including Small Industries Development Bank of India (SIDBI), Central Bank of India (CBI), and ICICI Bank Ltd., filed objections. Paisalo Digital Ltd. also filed an Interlocutory Application objecting to the admission of the petition until the corporate debtor paid outstanding dues.
M/s. Neesa Agritech and Foods Limited (the applicant) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed to be an operational creditor. Small Industries Development Bank of India (SIDBI), Central Bank of India (CBI), and ICICI Bank Ltd. (the financial creditors) filed objections, alleging suppression of facts, incomplete application, and malicious intent. SIDBI claimed that the applicant had suppressed information regarding mortgage of property, outstanding dues, and ongoing recovery proceedings. SIDBI had sanctioned term loans to the applicant company from FY 2006 to 2013, with outstanding amounts as of 16.06.2019. CBI also objected, stating that
…Sign in to view the parties.
The corporate debtor availed loan facilities…
The applicant turned…
M/s. Neesa Agritech and Foods Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, as an operational creditor/applicant. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP). Several financial creditors, including Small Industries Development Bank of India (SIDBI), Central Bank of India (CBI), and ICICI Bank Ltd., filed objections. Paisalo Digital Ltd. also filed an Interlocutory Application objecting to the admission of the petition until the corporate debtor paid outstanding dues.
M/s. Neesa Agritech and Foods Limited (the applicant) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed to be an operational creditor. Small Industries Development Bank of India (SIDBI), Central Bank of India (CBI), and ICICI Bank Ltd. (the financial creditors) filed objections, alleging suppression of facts, incomplete application, and malicious intent. SIDBI claimed that the applicant had suppressed information regarding mortgage of property, outstanding dues, and ongoing recovery proceedings. SIDBI had sanctioned term loans to the applicant company from FY 2006 to 2013, with outstanding amounts as of 16.06.2019. CBI also objected, stating that
…The corporate debtor availed loan facilities…
The applicant turned…