Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Gurdas Agro Pvt Ltd. The corporate debtor filed an IA seeking dismissal of the Section 7 petition, arguing it was barred by Section 10-A of the IBC. The corporate debtor argued that the date of default fell within the period covered by Section 10-A of the IBC, which creates a bar to filing applications under Section 7 for defaults committed on or after March 25, 2020, for a period of six months, further extended to March 24, 2021. The bank claimed the date of NPA was 03.08.2020, while the corporate debtor claimed the actual date was 30.03.2021, falling within the prohibited period. The bank argued the
…Canara Bank extended financial facilities to M/s Gurdas Agro Private Limited, which were later converted into a consortium with UCO Bank. The facilities were enhanced to Rs. 150 crores, with Canara Bank's share being Rs. 110 crores. The corporate debtor defaulted in payment, leading to the account being classified as NPA. The bank claimed the date of NPA was 03.08.2020, while the corporate debtor contended it was 30.03.2021, falling within the period barred by Section 10-A of the IBC due to the COVID-19 pandemic. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 31.03.2021. The corporate debtor also sought deferment of payments and conversion of facilities due to the pandemic's impact. The corporate debtor submitted a one-time settlement
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Gurdas Agro P…
Canara Bank granted…
Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Gurdas Agro Pvt Ltd. The corporate debtor filed an IA seeking dismissal of the Section 7 petition, arguing it was barred by Section 10-A of the IBC. The corporate debtor argued that the date of default fell within the period covered by Section 10-A of the IBC, which creates a bar to filing applications under Section 7 for defaults committed on or after March 25, 2020, for a period of six months, further extended to March 24, 2021. The bank claimed the date of NPA was 03.08.2020, while the corporate debtor claimed the actual date was 30.03.2021, falling within the prohibited period. The bank argued the
…Canara Bank extended financial facilities to M/s Gurdas Agro Private Limited, which were later converted into a consortium with UCO Bank. The facilities were enhanced to Rs. 150 crores, with Canara Bank's share being Rs. 110 crores. The corporate debtor defaulted in payment, leading to the account being classified as NPA. The bank claimed the date of NPA was 03.08.2020, while the corporate debtor contended it was 30.03.2021, falling within the period barred by Section 10-A of the IBC due to the COVID-19 pandemic. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 31.03.2021. The corporate debtor also sought deferment of payments and conversion of facilities due to the pandemic's impact. The corporate debtor submitted a one-time settlement
…Gurdas Agro P…
Canara Bank granted…