The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Code (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Prism Industries Complex Ltd. The applicant, Mr. Shobhnath & Ors., claimed that the corporate debtor defaulted on debentures issued to them amounting to Rs. 81,34,000/-. The corporate debtor, in their counter-affidavit, stated their intention to refund the amount towards the maturity of the debentures and had initiated the process to sell some of their properties. The petition was initially dismissed but was later remitted to the Tribunal by the NCLAT.
Mr. Shobhnath & Ors. filed a petition against Prism Industries Complex Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The applicants claimed that the corporate debtor had issued debentures to them amounting to Rs. 81,34,000/- and defaulted on repayment. The corporate debtor had initially transferred the agreed amount for initial months but later stopped paying the monthly return. The corporate debtor also did not pay any amount on the redemption date. The corporate debtor, in their counter-affidavit, stated their intention to refund the amount by selling some of their properties. The petition was initially dismissed by the Tribunal on 05.07.2018, but the NCLAT set aside the order on 06.08.2019 and remitted the case
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The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Code (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Prism Industries Complex Ltd. The applicant, Mr. Shobhnath & Ors., claimed that the corporate debtor defaulted on debentures issued to them amounting to Rs. 81,34,000/-. The corporate debtor, in their counter-affidavit, stated their intention to refund the amount towards the maturity of the debentures and had initiated the process to sell some of their properties. The petition was initially dismissed but was later remitted to the Tribunal by the NCLAT.
Mr. Shobhnath & Ors. filed a petition against Prism Industries Complex Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The applicants claimed that the corporate debtor had issued debentures to them amounting to Rs. 81,34,000/- and defaulted on repayment. The corporate debtor had initially transferred the agreed amount for initial months but later stopped paying the monthly return. The corporate debtor also did not pay any amount on the redemption date. The corporate debtor, in their counter-affidavit, stated their intention to refund the amount by selling some of their properties. The petition was initially dismissed by the Tribunal on 05.07.2018, but the NCLAT set aside the order on 06.08.2019 and remitted the case
…The order was…
The order was d…