The case involves a company petition filed by Bank of Maharashtra, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Transport Solutions India Private Limited, the Corporate Debtor. The Financial Creditor claimed an unresolved financial debt of Rs. 24,24,42,995/-. The Corporate Debtor contended that the loan account was wrongly classified as NPA and that the Financial Creditor had already filed an original application before the Debt Recovery Tribunal, Pune, for a claim of Rs. 22,57,65,097/-. The Corporate Debtor also claimed an OTS settlement was agreed upon. Despite this, the Corporate Debtor gave an undertaking to deposit Rs. 10 crores into a no-lien account
…Bank of Maharashtra, the Financial Creditor, filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Transport Solutions India Private Limited, the Corporate Debtor. The Financial Creditor claimed an unresolved financial debt of Rs. 24,24,42,995/-. The Corporate Debtor contended that the loan account was wrongly classified as NPA and that the Financial Creditor had already filed an original application before the Debt Recovery Tribunal, Pune, for a claim of Rs. 22,57,65,097/-. The Corporate Debtor also claimed an OTS settlement was agreed upon. The Corporate Debtor gave an undertaking to deposit Rs. 10 crores into a no-lien account to enable the bank to consider the OTS
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Company Petit…
Order passed by NCLT…
The case involves a company petition filed by Bank of Maharashtra, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Transport Solutions India Private Limited, the Corporate Debtor. The Financial Creditor claimed an unresolved financial debt of Rs. 24,24,42,995/-. The Corporate Debtor contended that the loan account was wrongly classified as NPA and that the Financial Creditor had already filed an original application before the Debt Recovery Tribunal, Pune, for a claim of Rs. 22,57,65,097/-. The Corporate Debtor also claimed an OTS settlement was agreed upon. Despite this, the Corporate Debtor gave an undertaking to deposit Rs. 10 crores into a no-lien account
…Bank of Maharashtra, the Financial Creditor, filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Transport Solutions India Private Limited, the Corporate Debtor. The Financial Creditor claimed an unresolved financial debt of Rs. 24,24,42,995/-. The Corporate Debtor contended that the loan account was wrongly classified as NPA and that the Financial Creditor had already filed an original application before the Debt Recovery Tribunal, Pune, for a claim of Rs. 22,57,65,097/-. The Corporate Debtor also claimed an OTS settlement was agreed upon. The Corporate Debtor gave an undertaking to deposit Rs. 10 crores into a no-lien account to enable the bank to consider the OTS
…Company Petit…
Order passed by NCLT…