The case involves an application (IA No.136 of 2023) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Sri Ananda Lakshmi Narasimha Industries India Pvt Ltd. The CIRP was triggered by a petition (CP (IB)/82/7/AMR/2022) filed by Central Bank of India under Section 7 of the IBC. The applicant, the suspended director of the corporate debtor, sought to recall an ex-parte order dated 20.03.2023. The applicant claimed lack of awareness of legal nuances and insufficient advice regarding the necessity to file a counter. The respondent, Central Bank of India, contested the application, arguing the applicant failed to provide sufficient cause for recalling the order and raised objections regarding limitation.
Central Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Sri Ananda Lakshmi Narasimha Industries India Pvt Ltd by filing CP (IB)/82/7/AMR/2022 under Section 7 of the IBC. The suspended director of the corporate debtor, Ms. Chavva Naga Sampathi Tayaru, filed IA No.136 of 2023 seeking recall of an ex-parte order dated 20.03.2023. The director claimed lack of legal awareness and insufficient advice. The corporate debtor was set ex-parte on 13.03.2023. The applicant's counsel took multiple adjournments to file a counter, but the right to file a counter was forfeited on 21.11.2022. The applicant also changed counsel during this period. The Central Bank of India opposed the recall application, citing the applicant's inability to explain
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The case involves an application (IA No.136 of 2023) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Sri Ananda Lakshmi Narasimha Industries India Pvt Ltd. The CIRP was triggered by a petition (CP (IB)/82/7/AMR/2022) filed by Central Bank of India under Section 7 of the IBC. The applicant, the suspended director of the corporate debtor, sought to recall an ex-parte order dated 20.03.2023. The applicant claimed lack of awareness of legal nuances and insufficient advice regarding the necessity to file a counter. The respondent, Central Bank of India, contested the application, arguing the applicant failed to provide sufficient cause for recalling the order and raised objections regarding limitation.
Central Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Sri Ananda Lakshmi Narasimha Industries India Pvt Ltd by filing CP (IB)/82/7/AMR/2022 under Section 7 of the IBC. The suspended director of the corporate debtor, Ms. Chavva Naga Sampathi Tayaru, filed IA No.136 of 2023 seeking recall of an ex-parte order dated 20.03.2023. The director claimed lack of legal awareness and insufficient advice. The corporate debtor was set ex-parte on 13.03.2023. The applicant's counsel took multiple adjournments to file a counter, but the right to file a counter was forfeited on 21.11.2022. The applicant also changed counsel during this period. The Central Bank of India opposed the recall application, citing the applicant's inability to explain
…Service of the…
Mr. Anil Mukarji, Advocate took notice on…