The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by JM Financial Asset Reconstruction Company Limited against Unitek Power Solutions India Limited. The financial creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The corporate debtor initially filed an affidavit outlining a settlement plan with proposed payment dates, but failed to make any payments. The corporate debtor's counsel raised an objection regarding the jurisdiction of the NCLT, Chennai Bench, arguing that the matter fell
…JM Financial Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Unitek Power Solutions India Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed various credit facilities from Federal Bank Limited, which were later assigned to JM Financial Asset Reconstruction Company Limited. The outstanding debt as of 31.12.2017 was Rs.23,55,81,656.54p. The corporate debtor initially proposed a settlement plan but failed to make any payments. The corporate debtor raised a jurisdictional objection, arguing that the matter fell under the jurisdiction of the NCLT, Cochin Bench. The financial creditor had also initiated SARFAESI proceedings and filed
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CP/91/IB/2018 filed…
The Corporate Debtor filed an Affidavit on…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by JM Financial Asset Reconstruction Company Limited against Unitek Power Solutions India Limited. The financial creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The corporate debtor initially filed an affidavit outlining a settlement plan with proposed payment dates, but failed to make any payments. The corporate debtor's counsel raised an objection regarding the jurisdiction of the NCLT, Chennai Bench, arguing that the matter fell
…JM Financial Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Unitek Power Solutions India Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed various credit facilities from Federal Bank Limited, which were later assigned to JM Financial Asset Reconstruction Company Limited. The outstanding debt as of 31.12.2017 was Rs.23,55,81,656.54p. The corporate debtor initially proposed a settlement plan but failed to make any payments. The corporate debtor raised a jurisdictional objection, arguing that the matter fell under the jurisdiction of the NCLT, Cochin Bench. The financial creditor had also initiated SARFAESI proceedings and filed
…CP/91/IB/2018 filed…
The Corporate Debtor filed an Affidavit on…