M/s Paras Builders and Promoters filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, against M/s ASREC (India) Ltd, Bank of India, and Mr. Saurabh Chawla, the Resolution Professional (RP) of M/s Harig Crankshaft. The application sought to set aside the admission order dated 31.03.2023, initiating Corporate Insolvency Resolution Process (CIRP) against M/s Harig Crankshaft, and the order dated 11.07.2022, substituting M/s ASREC (India) Ltd as the Financial Creditor. The applicant alleged that the respondents suppressed the fact of an existing interim order dated 20.07.2022 passed by the Commercial Court in a suit filed by the applicant, which restrained the auction of the corporate debtor's
…M/s Paras Builders and Promoters (Applicant) filed an application seeking to set aside the CIRP admission order against M/s Harig Crankshafts Ltd (Corporate Debtor). The CIRP was initiated by M/s ASREC (India) Ltd (Respondent No. 1), the assignee of financial debts from Bank of India (Respondent No. 2). The applicant claimed that the respondents suppressed the existence of an interim order dated 20.07.2022 from the Commercial Court, which restrained the auction of the Corporate Debtor's property. This interim order was obtained in a suit filed by the applicant, challenging the termination of an agreement with Bank of India for the purchase of the Corporate Debtor's assets. The applicant argued that the respondents' failure to disclose this order amounted to fraud and
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Bank of India initially…
Debt assigned to M/s…
M/s Paras Builders and Promoters filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, against M/s ASREC (India) Ltd, Bank of India, and Mr. Saurabh Chawla, the Resolution Professional (RP) of M/s Harig Crankshaft. The application sought to set aside the admission order dated 31.03.2023, initiating Corporate Insolvency Resolution Process (CIRP) against M/s Harig Crankshaft, and the order dated 11.07.2022, substituting M/s ASREC (India) Ltd as the Financial Creditor. The applicant alleged that the respondents suppressed the fact of an existing interim order dated 20.07.2022 passed by the Commercial Court in a suit filed by the applicant, which restrained the auction of the corporate debtor's
…M/s Paras Builders and Promoters (Applicant) filed an application seeking to set aside the CIRP admission order against M/s Harig Crankshafts Ltd (Corporate Debtor). The CIRP was initiated by M/s ASREC (India) Ltd (Respondent No. 1), the assignee of financial debts from Bank of India (Respondent No. 2). The applicant claimed that the respondents suppressed the existence of an interim order dated 20.07.2022 from the Commercial Court, which restrained the auction of the Corporate Debtor's property. This interim order was obtained in a suit filed by the applicant, challenging the termination of an agreement with Bank of India for the purchase of the Corporate Debtor's assets. The applicant argued that the respondents' failure to disclose this order amounted to fraud and
…Bank of India initially…
Debt assigned to M/s…