The Financial Creditor, Bank of Baroda, filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s C. Mahendra Exports Limited due to outstanding debt. The Corporate Debtor contested the petition primarily on grounds of limitation, arguing that the default date and NPA declaration fell outside the three-year limitation period for filing such petitions.
Bank of Baroda, the Financial Creditor, filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016 ( IBC ) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s C. Mahendra Exports Limited, the Corporate Debtor. The Financial Creditor is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, incorporated on July 20, 1908. The Corporate Debtor, incorporated on January 4, 2007, under the Companies Act, 1956, is engaged in the business of manufacturing and trading diamonds, precious stones, and jewelry. The Corporate Debtor has been banking with the Financial Creditor since 2010 and was granted credit facilities, including a sanction letter dated April 3, 2013.
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Corporate Debtor executed a Working Capital…
Corporate Debtor was…
The Financial Creditor, Bank of Baroda, filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s C. Mahendra Exports Limited due to outstanding debt. The Corporate Debtor contested the petition primarily on grounds of limitation, arguing that the default date and NPA declaration fell outside the three-year limitation period for filing such petitions.
Bank of Baroda, the Financial Creditor, filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016 ( IBC ) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s C. Mahendra Exports Limited, the Corporate Debtor. The Financial Creditor is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, incorporated on July 20, 1908. The Corporate Debtor, incorporated on January 4, 2007, under the Companies Act, 1956, is engaged in the business of manufacturing and trading diamonds, precious stones, and jewelry. The Corporate Debtor has been banking with the Financial Creditor since 2010 and was granted credit facilities, including a sanction letter dated April 3, 2013.
Corporate Debtor executed a Working Capital…
Corporate Debtor was…