The case pertains to an application filed by JR Foods Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to the company's default in meeting its financial obligations to its Financial Creditors. Vijaya Bank (now Bank of Baroda) objected to the application, stating that it was an attempt to circumvent the SARFAESI Act, 2002, process already initiated by them. The applicant had previously filed a similar petition which was dismissed.
JR Foods Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 20.08.1993. The application was filed due to a default in meeting financial obligations to creditors. The total amount of default was Rs. 53,38,06,704/- as on 02.01.2019. Vijaya Bank (now Bank of Baroda) had issued a notice dated 30.03.2019 intimating a default of Rs. 35,88,73,191.65/- under Section 13(2) of the SARFAESI Act, 2002. Vijaya Bank objected to the application, arguing that it was an attempt to circumvent the SARFAESI process. A previous application under Section 10 had been dismissed on 08.05.2020. The applicant argued that the dismissal order was communicated
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JR Foods Limi…
Total amount of…
The case pertains to an application filed by JR Foods Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to the company's default in meeting its financial obligations to its Financial Creditors. Vijaya Bank (now Bank of Baroda) objected to the application, stating that it was an attempt to circumvent the SARFAESI Act, 2002, process already initiated by them. The applicant had previously filed a similar petition which was dismissed.
JR Foods Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 20.08.1993. The application was filed due to a default in meeting financial obligations to creditors. The total amount of default was Rs. 53,38,06,704/- as on 02.01.2019. Vijaya Bank (now Bank of Baroda) had issued a notice dated 30.03.2019 intimating a default of Rs. 35,88,73,191.65/- under Section 13(2) of the SARFAESI Act, 2002. Vijaya Bank objected to the application, arguing that it was an attempt to circumvent the SARFAESI process. A previous application under Section 10 had been dismissed on 08.05.2020. The applicant argued that the dismissal order was communicated
…JR Foods Limi…
Total amount of…