The case involves an application (I.A. (IBC) No. 439/JPR/2024) filed by M/s Swastik Copper Pvt. Ltd. (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the production of documents from Union Bank of India (Financial Creditor) related to a Section 7 application filed by the bank against the Corporate Debtor. The Corporate Debtor alleges that the Financial Creditor maliciously filed the Section 7 application and withheld relevant facts. The Corporate Debtor claims that the credit facilities were renewed in 2018 and that this fact was concealed by the Financial Creditor. The Corporate Debtor also argues that the Financial Creditor invoked bank guarantees despite there being no default in performance by the Corporate Debtor.
Union Bank of India, the Financial Creditor, filed an application under Section 7 of the IBC, 2016 against M/s Swastik Copper Pvt. Ltd., the Corporate Debtor, for an alleged default of Rs 61,81,87,226.6/- as on 31.10.2022. The Corporate Debtor filed a reply objecting to the Company Petition. The Corporate Debtor then filed an application (I.A. (IBC) No. 439/JPR/2024) seeking the production of documents pertaining to the renewal of credit facilities and bank guarantees in 2018, claiming that the Financial Creditor maliciously filed the Section 7 application and concealed relevant facts, including the renewal of credit facilities. The Corporate Debtor argued that the Financial Creditor invoked bank guarantees despite no default in performance. The Financial Creditor
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The case involves an application (I.A. (IBC) No. 439/JPR/2024) filed by M/s Swastik Copper Pvt. Ltd. (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the production of documents from Union Bank of India (Financial Creditor) related to a Section 7 application filed by the bank against the Corporate Debtor. The Corporate Debtor alleges that the Financial Creditor maliciously filed the Section 7 application and withheld relevant facts. The Corporate Debtor claims that the credit facilities were renewed in 2018 and that this fact was concealed by the Financial Creditor. The Corporate Debtor also argues that the Financial Creditor invoked bank guarantees despite there being no default in performance by the Corporate Debtor.
Union Bank of India, the Financial Creditor, filed an application under Section 7 of the IBC, 2016 against M/s Swastik Copper Pvt. Ltd., the Corporate Debtor, for an alleged default of Rs 61,81,87,226.6/- as on 31.10.2022. The Corporate Debtor filed a reply objecting to the Company Petition. The Corporate Debtor then filed an application (I.A. (IBC) No. 439/JPR/2024) seeking the production of documents pertaining to the renewal of credit facilities and bank guarantees in 2018, claiming that the Financial Creditor maliciously filed the Section 7 application and concealed relevant facts, including the renewal of credit facilities. The Corporate Debtor argued that the Financial Creditor invoked bank guarantees despite no default in performance. The Financial Creditor
…Alleged default date…
Financial Creditor…