Canara Bank, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Transstroy (India) Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was filed due to the Corporate Debtor's failure to repay a substantial financial debt. The Corporate Debtor argued against the admission of the petition, citing various reasons including the existence of arbitration proceedings, the company's solvency, and the pendency of cases before the Debt Recovery Tribunal (DRT). The Financial Creditor refuted these claims, asserting that the Corporate Debtor had defaulted on its debt obligations and that the IBC has overriding effect over other statutes.
Canara Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Transstroy (India) Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had defaulted on a financial debt amounting to Rs. 489,77,78,698/- plus interest, arising from overdraft facilities and invoked bank guarantees. The Corporate Debtor contested the petition, arguing that it was solvent, had significant assets, and was involved in arbitration proceedings that could potentially resolve the debt. The Corporate Debtor also claimed that the Financial Creditor had extended facilities for investment in road projects under DBOT/DBFOT model wherein the returns
…Sign in to view the parties.
The NCLT Hyderabad Bench admitted the petition…
The order of moratorium shall have effect from…
Canara Bank, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Transstroy (India) Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was filed due to the Corporate Debtor's failure to repay a substantial financial debt. The Corporate Debtor argued against the admission of the petition, citing various reasons including the existence of arbitration proceedings, the company's solvency, and the pendency of cases before the Debt Recovery Tribunal (DRT). The Financial Creditor refuted these claims, asserting that the Corporate Debtor had defaulted on its debt obligations and that the IBC has overriding effect over other statutes.
Canara Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Transstroy (India) Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had defaulted on a financial debt amounting to Rs. 489,77,78,698/- plus interest, arising from overdraft facilities and invoked bank guarantees. The Corporate Debtor contested the petition, arguing that it was solvent, had significant assets, and was involved in arbitration proceedings that could potentially resolve the debt. The Corporate Debtor also claimed that the Financial Creditor had extended facilities for investment in road projects under DBOT/DBFOT model wherein the returns
…The NCLT Hyderabad Bench admitted the petition…
The order of moratorium shall have effect from…