The case involves an application (IA 693/2021) filed in connection with a Company Petition (CP(IB)3454/MB/2019) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant, State Bank of India, sought condonation of a delay of 1155 days in filing the company petition. The respondent is Ace Agro Industries Pvt Ltd. The applicant argued that the delay was due to pursuing SARFAESI actions and filing an Original Application in Debt Recovery Tribunal. The respondent opposed the condonation, arguing that the delay was not satisfactorily explained.
State Bank of India filed C.P.(IB)No. 3454 of 2019 under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process against Ace Agro Industries Pvt Ltd. State Bank of India also filed IA 693/2021 seeking condonation of delay of 1155 days in filing the C.P.(IB). The date of default was 31st July, 2013, and the three-year period expired on 30th July, 2016. The applicant was exploring options for recovery and negotiating for settlement during the period from 30th July, 2016, until the filing of the CIRP application. The applicant initiated SARFAESI actions and filed an Original Application in Debt Recovery Tribunal, Mumbai. The applicant bank failed to place on record any acknowledgement of debt, except Balance
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The case involves an application (IA 693/2021) filed in connection with a Company Petition (CP(IB)3454/MB/2019) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant, State Bank of India, sought condonation of a delay of 1155 days in filing the company petition. The respondent is Ace Agro Industries Pvt Ltd. The applicant argued that the delay was due to pursuing SARFAESI actions and filing an Original Application in Debt Recovery Tribunal. The respondent opposed the condonation, arguing that the delay was not satisfactorily explained.
State Bank of India filed C.P.(IB)No. 3454 of 2019 under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process against Ace Agro Industries Pvt Ltd. State Bank of India also filed IA 693/2021 seeking condonation of delay of 1155 days in filing the C.P.(IB). The date of default was 31st July, 2013, and the three-year period expired on 30th July, 2016. The applicant was exploring options for recovery and negotiating for settlement during the period from 30th July, 2016, until the filing of the CIRP application. The applicant initiated SARFAESI actions and filed an Original Application in Debt Recovery Tribunal, Mumbai. The applicant bank failed to place on record any acknowledgement of debt, except Balance
…The date of default by…
The three-year period…