The case involves a Company Petition No. CP (IB) 613/7/NCLT/AHM/2019 filed on 09.08.2019 by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Nirman Industries Ltd. The claim amount was Rs. 59.10 crores. The application was initially placed for consideration on 22.10.2019 before a Divisional Bench (Bench 1).
State Bank of India filed a Company Petition No. CP (IB) 613/7/NCLT/AHM/2019 on 09.08.2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nirman Industries Ltd, seeking to initiate CIRP. The claim amount was Rs. 59.10 crores. The respondent company, Nirman Industries Ltd, was declared a Non-Performing Asset (NPA) on 16.04.2015. The petition was initially considered on 22.10.2019 by a Divisional Bench, which rejected the application based on limitation. The Hon'ble Member (Technical) deferred the decision, and the matter was referred to another bench. The Adjudicating Authority concurred with the initial view that the application was barred by limitation, considering the date of NPA declaration and the filing date of the petition, referring to
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Nirman Industries Ltd…
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The case involves a Company Petition No. CP (IB) 613/7/NCLT/AHM/2019 filed on 09.08.2019 by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Nirman Industries Ltd. The claim amount was Rs. 59.10 crores. The application was initially placed for consideration on 22.10.2019 before a Divisional Bench (Bench 1).
State Bank of India filed a Company Petition No. CP (IB) 613/7/NCLT/AHM/2019 on 09.08.2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nirman Industries Ltd, seeking to initiate CIRP. The claim amount was Rs. 59.10 crores. The respondent company, Nirman Industries Ltd, was declared a Non-Performing Asset (NPA) on 16.04.2015. The petition was initially considered on 22.10.2019 by a Divisional Bench, which rejected the application based on limitation. The Hon'ble Member (Technical) deferred the decision, and the matter was referred to another bench. The Adjudicating Authority concurred with the initial view that the application was barred by limitation, considering the date of NPA declaration and the filing date of the petition, referring to
…Nirman Industries Ltd…
Recall notice i…