This case involves an Interlocutory Application (IA/2973/2022) filed by Jayaswal Neco Industries Limited (JNIL), the Corporate Debtor, seeking the dismissal of a Company Petition (CP(IB)/1027/(MB)/2022) filed by Abhiruchi Vision Private Limited (AVPL), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application also sought permission for JNIL to file an affidavit in reply to the Company Petition. The dispute stems from an Indenture of Family Settlement (IFS) dated 31.07.2008 between the Manoj Kumar Jayaswal Group and the BL Shaw Group, concerning the demerger of a Strip Mill Division. AVPL claimed dues based on this IFS, which JNIL contested, arguing that the claim was not maintainable due to prior arbitration proceedings
…The case revolves around a dispute between Jayaswal Neco Industries Limited (JNIL) and Abhiruchi Vision Private Limited (AVPL). AVPL, as the Financial Creditor, filed a Company Petition (CP(IB)/1027/(MB)/2022) under Section 7 of the Insolvency and Bankruptcy Code (IBC) against JNIL, the Corporate Debtor, based on an alleged debt of INR 102,26,78,728/-. This debt allegedly arose from an Indenture of Family Settlement (IFS) dated 2008-07-31 between the Manoj Kumar Jayaswal Group and the BL Shaw Group, concerning the demerger of a Strip Mill Division. The IFS stipulated that the Strip Mill Division of CIAL would be demerged from CIAL and subsequently merged into JNIL. The MKJ Group (through CIAL) had borrowed from various banks and financial institutions for running the
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An Indenture of Family…
The MKJ Group filed Special Civil Suit No.…
This case involves an Interlocutory Application (IA/2973/2022) filed by Jayaswal Neco Industries Limited (JNIL), the Corporate Debtor, seeking the dismissal of a Company Petition (CP(IB)/1027/(MB)/2022) filed by Abhiruchi Vision Private Limited (AVPL), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application also sought permission for JNIL to file an affidavit in reply to the Company Petition. The dispute stems from an Indenture of Family Settlement (IFS) dated 31.07.2008 between the Manoj Kumar Jayaswal Group and the BL Shaw Group, concerning the demerger of a Strip Mill Division. AVPL claimed dues based on this IFS, which JNIL contested, arguing that the claim was not maintainable due to prior arbitration proceedings
…The case revolves around a dispute between Jayaswal Neco Industries Limited (JNIL) and Abhiruchi Vision Private Limited (AVPL). AVPL, as the Financial Creditor, filed a Company Petition (CP(IB)/1027/(MB)/2022) under Section 7 of the Insolvency and Bankruptcy Code (IBC) against JNIL, the Corporate Debtor, based on an alleged debt of INR 102,26,78,728/-. This debt allegedly arose from an Indenture of Family Settlement (IFS) dated 2008-07-31 between the Manoj Kumar Jayaswal Group and the BL Shaw Group, concerning the demerger of a Strip Mill Division. The IFS stipulated that the Strip Mill Division of CIAL would be demerged from CIAL and subsequently merged into JNIL. The MKJ Group (through CIAL) had borrowed from various banks and financial institutions for running the
…An Indenture of Family…
The MKJ Group filed Special Civil Suit No.…