The case involves a Company Petition in Insolvency proceeding initiated against Precision Engineers & Fabricators Pvt. Ltd. The Operational Debtor and Operational Creditor jointly requested a stay on the proceedings, claiming an amicable settlement. The Corporate Debtor purportedly handed over a draft of Rs. 1,00,000 and post-dated cheques. An interim order was issued directing the IRP not to proceed further until 18/05/2017. Subsequently, Axis Bank Ltd., a financial creditor, moved C.A. (IB) No.213/KB/2017, stating that the Corporate Debtor had defaulted on repayments and that the credit facilities had been classified as NPA w.e.f. 17/11/2016. Axis Bank claimed Rs. 33,95,90,543.07 and argued that the insolvency process could not be recalled at the request of the
…Precision Engineers & Fabricators Pvt. Ltd. faced an insolvency petition (C.P.No.173/2017). Initially, the Operational Debtor and Operational Creditor sought a stay based on an alleged amicable settlement, presenting a draft of Rs. 1,00,000 and post-dated cheques. The court issued an interim stay order on 21/04/2017, directing the IRP not to proceed until 18/05/2017. However, Axis Bank Ltd. (a financial creditor) intervened, filing C.A. (IB) No.213/KB/2017, claiming Rs. 33,95,90,543.07 due to defaults and NPA classification (w.e.f. 17/11/2016). Axis Bank argued that the insolvency process could not be recalled based on the Operational Creditor/Debtor's request. The court learned that notice of the insolvency process had been published, contradicting earlier
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Credit facilities given…
I.A.No. 171/2017 for…
The case involves a Company Petition in Insolvency proceeding initiated against Precision Engineers & Fabricators Pvt. Ltd. The Operational Debtor and Operational Creditor jointly requested a stay on the proceedings, claiming an amicable settlement. The Corporate Debtor purportedly handed over a draft of Rs. 1,00,000 and post-dated cheques. An interim order was issued directing the IRP not to proceed further until 18/05/2017. Subsequently, Axis Bank Ltd., a financial creditor, moved C.A. (IB) No.213/KB/2017, stating that the Corporate Debtor had defaulted on repayments and that the credit facilities had been classified as NPA w.e.f. 17/11/2016. Axis Bank claimed Rs. 33,95,90,543.07 and argued that the insolvency process could not be recalled at the request of the
…Precision Engineers & Fabricators Pvt. Ltd. faced an insolvency petition (C.P.No.173/2017). Initially, the Operational Debtor and Operational Creditor sought a stay based on an alleged amicable settlement, presenting a draft of Rs. 1,00,000 and post-dated cheques. The court issued an interim stay order on 21/04/2017, directing the IRP not to proceed until 18/05/2017. However, Axis Bank Ltd. (a financial creditor) intervened, filing C.A. (IB) No.213/KB/2017, claiming Rs. 33,95,90,543.07 due to defaults and NPA classification (w.e.f. 17/11/2016). Axis Bank argued that the insolvency process could not be recalled based on the Operational Creditor/Debtor's request. The court learned that notice of the insolvency process had been published, contradicting earlier
…Credit facilities given…
I.A.No. 171/2017 for…