The case involves an application (IA 1248/2022) filed by the Suspended Managing Director of Feno Plast Limited, the Corporate Debtor, seeking to recall an order dated 19.10.2022 that initiated the Corporate Insolvency Resolution Process (CIRP) against the company. The application is based on the grounds that certain essential facts pertaining to a One Time Settlement (OTS) sanctioned by Canara Bank, the Financial Creditor, were not presented to the Adjudicating Authority before the CIRP was initiated. The Corporate Debtor argues that it was not in default of the OTS terms as of 19.10.2022, and the OTS was being implemented. The Financial Creditor, Canara Bank, opposed the application, arguing that the OTS had been cancelled due to the Corporate Debtor's failure to
…1. Canara Bank filed a Company Petition CP(IB) No.10/7/HDB/2022 on 05.01.2022 under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Feno Plast Limited for a default of Rs.55,61,32,955.75 as of 30.11.2021.
2. The Adjudicating Authority admitted the petition on 19.10.2022 and appointed an Interim Resolution Professional.
3. Feno Plast Limited's Managing Director filed IA 1248/2022 to recall the order, citing a One Time Settlement (OTS) sanctioned by Canara Bank on 12.07.2022 for Rs.68.40 crores.
4. The OTS terms included an initial payment of Rs.34.84 crores by 31.07.2022, Rs.20.27 crores by 31.10.2022, and Rs.13.29 crores by 31.12.2022.
5. The OTS was initially cancelled on 03.08.2022 due to non-adherence to timelines.
6. Feno Plast Limited
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Canara Bank filed CP(IB) No.10/7/HDB/2022 under…
Canara Bank sanctioned…
The case involves an application (IA 1248/2022) filed by the Suspended Managing Director of Feno Plast Limited, the Corporate Debtor, seeking to recall an order dated 19.10.2022 that initiated the Corporate Insolvency Resolution Process (CIRP) against the company. The application is based on the grounds that certain essential facts pertaining to a One Time Settlement (OTS) sanctioned by Canara Bank, the Financial Creditor, were not presented to the Adjudicating Authority before the CIRP was initiated. The Corporate Debtor argues that it was not in default of the OTS terms as of 19.10.2022, and the OTS was being implemented. The Financial Creditor, Canara Bank, opposed the application, arguing that the OTS had been cancelled due to the Corporate Debtor's failure to
…1. Canara Bank filed a Company Petition CP(IB) No.10/7/HDB/2022 on 05.01.2022 under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Feno Plast Limited for a default of Rs.55,61,32,955.75 as of 30.11.2021.
2. The Adjudicating Authority admitted the petition on 19.10.2022 and appointed an Interim Resolution Professional.
3. Feno Plast Limited's Managing Director filed IA 1248/2022 to recall the order, citing a One Time Settlement (OTS) sanctioned by Canara Bank on 12.07.2022 for Rs.68.40 crores.
4. The OTS terms included an initial payment of Rs.34.84 crores by 31.07.2022, Rs.20.27 crores by 31.10.2022, and Rs.13.29 crores by 31.12.2022.
5. The OTS was initially cancelled on 03.08.2022 due to non-adherence to timelines.
6. Feno Plast Limited
Canara Bank filed CP(IB) No.10/7/HDB/2022 under…
Canara Bank sanctioned…