This case involves an application filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Avishkar Innovative Pvt Ltd due to a default of Rs. 60,92,98,736.11. The Corporate Debtor (CD) had availed credit facilities from the bank, leading to the default. The CD had also filed an application under Section 10 of the IBC, which was later withdrawn. The CD contested the Section 7 application, arguing that its Section 10 application should take precedence and citing COVID-19 related disruptions as the cause of default. The Adjudicating Authority considered the arguments and evidence presented by both parties, including the CD's admission of debt in its Section 10 application
…Canara Bank extended credit facilities to Avishkar Innovative Pvt Ltd, with the directors authorized to take a loan of Rs. 30 crores as per the Board Resolution dated 2015-09-02. The Corporate Debtor (Avishkar) availed these facilities, leading to a default of Rs. 60,92,98,736.11 as of 2023-09-30. The date of default was given as 2022-08-26. Avishkar also filed an application under Section 10 of the IBC on 2023-08-19, seeking Corporate Insolvency Resolution Process (CIRP), which it later withdrew on 2024-04-23. Canara Bank initiated proceedings under the SARFAESI Act, 2002, on 2022-08-02 and filed Diary No.680/2023 before DRT-2 Bengaluru on 2023-03-16 for recovery of the outstanding amount. Avishkar submitted restructuring proposals, including an OTS offer, which
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Corporate Debtor's Board…
Canara Bank initiated…
This case involves an application filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Avishkar Innovative Pvt Ltd due to a default of Rs. 60,92,98,736.11. The Corporate Debtor (CD) had availed credit facilities from the bank, leading to the default. The CD had also filed an application under Section 10 of the IBC, which was later withdrawn. The CD contested the Section 7 application, arguing that its Section 10 application should take precedence and citing COVID-19 related disruptions as the cause of default. The Adjudicating Authority considered the arguments and evidence presented by both parties, including the CD's admission of debt in its Section 10 application
…Canara Bank extended credit facilities to Avishkar Innovative Pvt Ltd, with the directors authorized to take a loan of Rs. 30 crores as per the Board Resolution dated 2015-09-02. The Corporate Debtor (Avishkar) availed these facilities, leading to a default of Rs. 60,92,98,736.11 as of 2023-09-30. The date of default was given as 2022-08-26. Avishkar also filed an application under Section 10 of the IBC on 2023-08-19, seeking Corporate Insolvency Resolution Process (CIRP), which it later withdrew on 2024-04-23. Canara Bank initiated proceedings under the SARFAESI Act, 2002, on 2022-08-02 and filed Diary No.680/2023 before DRT-2 Bengaluru on 2023-03-16 for recovery of the outstanding amount. Avishkar submitted restructuring proposals, including an OTS offer, which
…Corporate Debtor's Board…
Canara Bank initiated…