Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/S Prayag Polytech Private Limited.

The Corporate Debtor allegedly defaulted on a financial debt of Rs. 34,14,92,212.84 as on 30.06.2024.

The Corporate Debtor opposed the admission of the petition, claiming that all facilities were duly discharged and the bank issued NOCs.

The Corporate Debtor also raised objections regarding limitation, non-compliance with mandatory IBC requirements, and contradictions in the proof of default.

The Adjudicating Authority found that the Financial Creditor had established a prima facie case of financial debt and default.

The Adjudicating Authority admitted the application and initiated CIRP against the Corporate Debtor.

Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/S Prayag Polytech Private Limited.

The Corporate Debtor allegedly defaulted on a financial debt of Rs. 34,14,92,212.84 as on 30.06.2024.

The Corporate Debtor opposed the admission of the petition, claiming that all facilities were duly discharged and the bank issued NOCs.

The Corporate Debtor also raised objections regarding limitation, non-compliance with mandatory IBC requirements, and contradictions in the proof of default.

The Adjudicating Authority found that the Financial Creditor had established a prima facie case of financial debt and default.

The Adjudicating Authority admitted the application and initiated CIRP against the Corporate Debtor.