UCO Bank, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, for initiation of corporate insolvency resolution process against Xenitis Infotech Limited, the Corporate Debtor/Respondent.
UCO Bank filed an application under Section 7 of the IBC against Xenitis Infotech Limited.
The Corporate Debtor (CD) allegedly availed various credit facilities from a consortium bank, amounting to Rs. 428.52 Crores.
The CD defaulted in repayment, leading the consortium bank to issue a demand notice and initiate proceedings under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
The Adjudicating Authority initially dismissed the CP on March 19, 2020, due to the bar of limitation.
The NCLAT set aside the Adjudicating Authority's order, and the Supreme Court modified the NCLAT's order.
The letter dated October 25, 2019, was not produced by the respondent before the NCLT but was introduced in the appeal before the NCLAT.
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UCO Bank, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, for initiation of corporate insolvency resolution process against Xenitis Infotech Limited, the Corporate Debtor/Respondent.
UCO Bank filed an application under Section 7 of the IBC against Xenitis Infotech Limited.
The Corporate Debtor (CD) allegedly availed various credit facilities from a consortium bank, amounting to Rs. 428.52 Crores.
The CD defaulted in repayment, leading the consortium bank to issue a demand notice and initiate proceedings under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
The Adjudicating Authority initially dismissed the CP on March 19, 2020, due to the bar of limitation.
The NCLAT set aside the Adjudicating Authority's order, and the Supreme Court modified the NCLAT's order.
The letter dated October 25, 2019, was not produced by the respondent before the NCLT but was introduced in the appeal before the NCLAT.
…Date of In…
Date of F…