The case involves a company petition filed by Neutrino Power Systems Private Limited under Section 10 of the IBC Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself. The company owed Rs.7,34,98,028.59 to the Financial Creditor, Bank of Bahrain & Kuwait, as of 30.06.2016. The Respondent (Financial Creditor) opposed the petition, alleging that it was filed to stall recovery proceedings initiated by them before the Debts Recovery Tribunal (DRT) and that the Petitioner had siphoned off funds. The Corporate Debtor admitted to the default.
Neutrino Power Systems Private Limited (formerly SLG Power Controls Private Limited) filed a company petition under Section 10 of the IBC, 2016, seeking to initiate CIRP against itself. The company's authorized share capital was Rs.2,50,00,000/-, and paid-up capital was Rs.1,32,76,750/-. The company owed Rs.7,34,98,028.59 to Bank of Bahrain & Kuwait as of 30.06.2016. The Financial Creditor opposed the petition, alleging that it was a ploy to stall recovery proceedings before the DRT. The Financial Creditor had extended credit facilities to the Petitioner, including sales bill discounting and letter of credit, secured by an exclusive charge on assets and personal guarantees. The Petitioner allegedly violated the terms of the credit facilities, failed to repay the
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Outstanding amount of Rs.7,34,98,028.59/- owed…
Board of Directors of Neutrino Power Systems…
The case involves a company petition filed by Neutrino Power Systems Private Limited under Section 10 of the IBC Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself. The company owed Rs.7,34,98,028.59 to the Financial Creditor, Bank of Bahrain & Kuwait, as of 30.06.2016. The Respondent (Financial Creditor) opposed the petition, alleging that it was filed to stall recovery proceedings initiated by them before the Debts Recovery Tribunal (DRT) and that the Petitioner had siphoned off funds. The Corporate Debtor admitted to the default.
Neutrino Power Systems Private Limited (formerly SLG Power Controls Private Limited) filed a company petition under Section 10 of the IBC, 2016, seeking to initiate CIRP against itself. The company's authorized share capital was Rs.2,50,00,000/-, and paid-up capital was Rs.1,32,76,750/-. The company owed Rs.7,34,98,028.59 to Bank of Bahrain & Kuwait as of 30.06.2016. The Financial Creditor opposed the petition, alleging that it was a ploy to stall recovery proceedings before the DRT. The Financial Creditor had extended credit facilities to the Petitioner, including sales bill discounting and letter of credit, secured by an exclusive charge on assets and personal guarantees. The Petitioner allegedly violated the terms of the credit facilities, failed to repay the
…Outstanding amount of Rs.7,34,98,028.59/- owed…
Board of Directors of Neutrino Power Systems…