The case involves a petition filed by M/s Surya Testing Services Ltd. ('Financial Creditor') against M/s Warm Forging Private Limited ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') due to default in repayment of a loan. The Corporate Debtor filed an Interlocutory Application ('IA') bearing the IA (IBC) No. 651/JPR/2022 for rejection and dismissal of the application. The Corporate Debtor also filed IA No. 652/JPR/2022 under Section 60(5) read with Section 7(5)(b) of IBC, 2016 read with Rule 11 of NCLT Rules, 2016 for rejection and dismissal of the Application filed under Section 7 of the Code, 2016 on ground that there is no debt due & default committed by the
…M/s Surya Testing Services Ltd. ('Financial Creditor') filed a petition against M/s Warm Forging Private Limited ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP due to default in repayment of a loan. The Corporate Debtor filed Interlocutory Applications ('IA') for rejection and dismissal of the application. The Corporate Debtor argued that the amount disbursed by the Financial Creditor was for equity investment in M/s Selma Precision Technologies, NC, LLC ('SPT'), a company incorporated in the USA by the directors of the Corporate Debtor. The Financial Creditor contended that the amount was disbursed as a loan. The amount disbursed was Rs. 1,85,00,000/-, out of which Rs. 25,00,000/- was repaid. A legal notice
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The main petition bearing CP No. (IB)-…
The Interlocutory Application ('IA') bearing…
The case involves a petition filed by M/s Surya Testing Services Ltd. ('Financial Creditor') against M/s Warm Forging Private Limited ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') due to default in repayment of a loan. The Corporate Debtor filed an Interlocutory Application ('IA') bearing the IA (IBC) No. 651/JPR/2022 for rejection and dismissal of the application. The Corporate Debtor also filed IA No. 652/JPR/2022 under Section 60(5) read with Section 7(5)(b) of IBC, 2016 read with Rule 11 of NCLT Rules, 2016 for rejection and dismissal of the Application filed under Section 7 of the Code, 2016 on ground that there is no debt due & default committed by the
…M/s Surya Testing Services Ltd. ('Financial Creditor') filed a petition against M/s Warm Forging Private Limited ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP due to default in repayment of a loan. The Corporate Debtor filed Interlocutory Applications ('IA') for rejection and dismissal of the application. The Corporate Debtor argued that the amount disbursed by the Financial Creditor was for equity investment in M/s Selma Precision Technologies, NC, LLC ('SPT'), a company incorporated in the USA by the directors of the Corporate Debtor. The Financial Creditor contended that the amount was disbursed as a loan. The amount disbursed was Rs. 1,85,00,000/-, out of which Rs. 25,00,000/- was repaid. A legal notice
…The main petition bearing CP No. (IB)-…
The Interlocutory Application ('IA') bearing…