Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against AL Nafees Frozen Food Exports Private Limited. The applicant claimed that the corporate debtor defaulted on a financial debt. The respondent opposed the application, primarily arguing that it was barred by limitation and that the application was defective due to the non-joinder of another consortium lender, Union Bank of India. The applicant countered by asserting that the application was within limitation due to acknowledgments of debt by the respondent and the exclusion of certain periods due to a Supreme Court order related to the COVID-19 pandemic. The applicant also argued that Section 7
…Central Bank of India, the applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against AL Nafees Frozen Food Exports Private Limited, the respondent. The applicant claimed a financial debt of Rs. 83,17,66,730.65 as of 03.03.2023, inclusive of interest, with the date of default being 30.10.2017, when the account was declared NPA. The debt arose from a working facility credit limit of Rs. 97,00,00,000 sanctioned by the applicant. The respondent had availed working capital credit facilities from a consortium of banks, including Central Bank of India and Union Bank of India. The respondent submitted an OTS proposal on 20.06.2019, which was accepted by the applicant on
…Sign in to view the parties.
Board Resolution passed…
Board Resolution passed…
Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against AL Nafees Frozen Food Exports Private Limited. The applicant claimed that the corporate debtor defaulted on a financial debt. The respondent opposed the application, primarily arguing that it was barred by limitation and that the application was defective due to the non-joinder of another consortium lender, Union Bank of India. The applicant countered by asserting that the application was within limitation due to acknowledgments of debt by the respondent and the exclusion of certain periods due to a Supreme Court order related to the COVID-19 pandemic. The applicant also argued that Section 7
…Central Bank of India, the applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against AL Nafees Frozen Food Exports Private Limited, the respondent. The applicant claimed a financial debt of Rs. 83,17,66,730.65 as of 03.03.2023, inclusive of interest, with the date of default being 30.10.2017, when the account was declared NPA. The debt arose from a working facility credit limit of Rs. 97,00,00,000 sanctioned by the applicant. The respondent had availed working capital credit facilities from a consortium of banks, including Central Bank of India and Union Bank of India. The respondent submitted an OTS proposal on 20.06.2019, which was accepted by the applicant on
…Board Resolution passed…
Board Resolution passed…