The case involves a Company Petition (IB) No. 224/KB/2023 filed by SREI Equipment Finance Limited (Financial Creditor/Applicant) against Roadwings International Private Limited (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016. The Financial Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, claiming a default of Rs. 12,35,20,095/- with the date of default being 05.09.2023. The Corporate Debtor opposed the petition, arguing that the debts were settled through arbitration and Lok Adalat, and the petition was barred by limitation. An Interlocutory Application (I.A. (IB) No.
…SREI Equipment Finance Limited, a Non-Banking Financial Company (NBFC), filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Roadwings International Private Limited, seeking to initiate CIRP. The total amount claimed to be in default was Rs. 12,35,20,095/-, with the date of default claimed as 05.09.2023. The claim arose from four agreements executed between the parties for financial assistance in purchasing various assets. The Financial Creditor's resolution plan was approved on 11.08.2023. The Corporate Debtor argued that arbitration proceedings had taken place for two agreements, with awards passed in its favor, and that the Financial Creditor had challenged these awards in the High Court. The Corporate Debtor also claimed
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The case involves a Company Petition (IB) No. 224/KB/2023 filed by SREI Equipment Finance Limited (Financial Creditor/Applicant) against Roadwings International Private Limited (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016. The Financial Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, claiming a default of Rs. 12,35,20,095/- with the date of default being 05.09.2023. The Corporate Debtor opposed the petition, arguing that the debts were settled through arbitration and Lok Adalat, and the petition was barred by limitation. An Interlocutory Application (I.A. (IB) No.
…SREI Equipment Finance Limited, a Non-Banking Financial Company (NBFC), filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Roadwings International Private Limited, seeking to initiate CIRP. The total amount claimed to be in default was Rs. 12,35,20,095/-, with the date of default claimed as 05.09.2023. The claim arose from four agreements executed between the parties for financial assistance in purchasing various assets. The Financial Creditor's resolution plan was approved on 11.08.2023. The Corporate Debtor argued that arbitration proceedings had taken place for two agreements, with awards passed in its favor, and that the Financial Creditor had challenged these awards in the High Court. The Corporate Debtor also claimed
…The Insolven…
One of the loan…