Canara Bank initiated a Corporate Insolvency Resolution Process (CIRP) against Simplex Infrastructures Limited by filing C.P. (IB) No. 94/KB/2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016. Simplex Infrastructures Limited, as the applicant, filed I.A. (IB) No. 1324/(KB)/2022 seeking the dismissal of the CIRP application or, alternatively, a deferment of the hearing. The applicant argued that it had several awards in its favor, exceeding the financial creditor's claim, and was undergoing restructuring. The Financial Creditor opposed the application, contending that the corporate debtor was insolvent and had defaulted on payments.
Simplex Infrastructures Limited, engaged in infrastructure projects, is the Corporate Debtor. Canara Bank, the Financial Creditor, filed C.P. (IB) No. 94/KB/2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Simplex Infrastructures Limited. Simplex Infrastructures Limited filed I.A. (IB) No. 1324/(KB)/2022 seeking dismissal or deferment of the CIRP, claiming it had awards exceeding the debt and was undergoing restructuring. The applicant claimed to have 36 awards in its favor, with Rs. 554.17 Crore already realized and another 1212.58 crores expected. A consortium meeting was held on October 19, 2023, to discuss restructuring. The Financial Creditor argued that the Corporate Debtor was insolvent and had defaulted on payments. The
…Sign in to view the parties.
Canara Bank filed Company Petition (IB) No.…
Simplex Infrastructures Limited filed I.A. (IB)…
Canara Bank initiated a Corporate Insolvency Resolution Process (CIRP) against Simplex Infrastructures Limited by filing C.P. (IB) No. 94/KB/2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016. Simplex Infrastructures Limited, as the applicant, filed I.A. (IB) No. 1324/(KB)/2022 seeking the dismissal of the CIRP application or, alternatively, a deferment of the hearing. The applicant argued that it had several awards in its favor, exceeding the financial creditor's claim, and was undergoing restructuring. The Financial Creditor opposed the application, contending that the corporate debtor was insolvent and had defaulted on payments.
Simplex Infrastructures Limited, engaged in infrastructure projects, is the Corporate Debtor. Canara Bank, the Financial Creditor, filed C.P. (IB) No. 94/KB/2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Simplex Infrastructures Limited. Simplex Infrastructures Limited filed I.A. (IB) No. 1324/(KB)/2022 seeking dismissal or deferment of the CIRP, claiming it had awards exceeding the debt and was undergoing restructuring. The applicant claimed to have 36 awards in its favor, with Rs. 554.17 Crore already realized and another 1212.58 crores expected. A consortium meeting was held on October 19, 2023, to discuss restructuring. The Financial Creditor argued that the Corporate Debtor was insolvent and had defaulted on payments. The
…Canara Bank filed Company Petition (IB) No.…
Simplex Infrastructures Limited filed I.A. (IB)…