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 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 Section 10A period.
Canara Bank granted financial facilities to M/s Gurdas Agro Pvt Ltd, 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 as 03.08.2020, while the corporate debtor contended it was 30.03.2021. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 31.03.2021. The corporate debtor argued that the default date fell within the period specified under Section 10A of the IBC, which bars the initiation of CIRP. The corporate debtor also submitted one-time settlement proposals, which the court considered as an acknowledgement of
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Gurdas Agro Pvt Ltd.…
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 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 Section 10A period.
Canara Bank granted financial facilities to M/s Gurdas Agro Pvt Ltd, 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 as 03.08.2020, while the corporate debtor contended it was 30.03.2021. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 31.03.2021. The corporate debtor argued that the default date fell within the period specified under Section 10A of the IBC, which bars the initiation of CIRP. The corporate debtor also submitted one-time settlement proposals, which the court considered as an acknowledgement of
…Gurdas Agro Pvt Ltd.…
Canara Bank granted…