The case originates from a Company Petition No. 341/2016 filed before the High Court of Madras, which was later transferred to the National Company Law Tribunal (NCLT) Chennai Bench and renumbered as TCP/95/(IB)/CB/2017. The petition was initially filed for the winding up of Surana Industries Ltd. under Sections 433 (e) & (f), 434 (i) (a) and 439 (i) & (b) of the Companies Act 1956. The Operational Creditor, IDBI Capital Markets & Securities Ltd., sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. An upfront payment of Rs. 10,50,000/- was made by the Corporate Debtor to the Operational Creditor, leading to the initial disposal of the petition with liberty to revive it in case of default. Subsequently, the
…IDBI Capital Markets & Securities Ltd. (Operational Creditor) provided advisory services to Surana Industries Ltd. (Corporate Debtor) for debt restructuring in 2013. An agreement dated 23.08.2013 was entered into, stipulating a remuneration of Rs.2,50,00,000/- plus taxes for the services. The Corporate Debtor approached Corporate Debt Restructuring (CDR) Forum to restructure its debts. The Operational Creditor sent a statutory notice dated 19.10.2015 calling upon the Corporate Debtor to pay Rs.1,81,90,000/-. An upfront amount of Rs.10.50 Lakhs was paid by the Corporate Debtor based on a settlement, but the Corporate Debtor defaulted on the balance payment. The Operational Creditor filed an affidavit under Section 9(3)(b) of the I&B Code, 2016, stating that the
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Company Petition No.…
An upfront amount of Rs.10,50,000/- was paid by…
The case originates from a Company Petition No. 341/2016 filed before the High Court of Madras, which was later transferred to the National Company Law Tribunal (NCLT) Chennai Bench and renumbered as TCP/95/(IB)/CB/2017. The petition was initially filed for the winding up of Surana Industries Ltd. under Sections 433 (e) & (f), 434 (i) (a) and 439 (i) & (b) of the Companies Act 1956. The Operational Creditor, IDBI Capital Markets & Securities Ltd., sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. An upfront payment of Rs. 10,50,000/- was made by the Corporate Debtor to the Operational Creditor, leading to the initial disposal of the petition with liberty to revive it in case of default. Subsequently, the
…IDBI Capital Markets & Securities Ltd. (Operational Creditor) provided advisory services to Surana Industries Ltd. (Corporate Debtor) for debt restructuring in 2013. An agreement dated 23.08.2013 was entered into, stipulating a remuneration of Rs.2,50,00,000/- plus taxes for the services. The Corporate Debtor approached Corporate Debt Restructuring (CDR) Forum to restructure its debts. The Operational Creditor sent a statutory notice dated 19.10.2015 calling upon the Corporate Debtor to pay Rs.1,81,90,000/-. An upfront amount of Rs.10.50 Lakhs was paid by the Corporate Debtor based on a settlement, but the Corporate Debtor defaulted on the balance payment. The Operational Creditor filed an affidavit under Section 9(3)(b) of the I&B Code, 2016, stating that the
…Company Petition No.…
An upfront amount of Rs.10,50,000/- was paid by…