Abhyudaya Co-operative Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against A.Navinchandra Steels Private Limited (Corporate Debtor) due to a default on credit facilities amounting to Rs. 70,71,96,999.99/-. The Corporate Debtor raised several objections, including that the application was time-barred, the underlying arbitration award was void, the Financial Creditor failed to comply with MSME Notification guidelines, the NCLT lacked jurisdiction over contractual disputes, and parallel recovery proceedings were ongoing. The Corporate Debtor also claimed damages exceeding the Financial Creditor's claim.

Abhyudaya Co-operative Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against A.Navinchandra Steels Private Limited (Corporate Debtor) due to a default on credit facilities amounting to Rs. 70,71,96,999.99/-. The Corporate Debtor raised several objections, including that the application was time-barred, the underlying arbitration award was void, the Financial Creditor failed to comply with MSME Notification guidelines, the NCLT lacked jurisdiction over contractual disputes, and parallel recovery proceedings were ongoing. The Corporate Debtor also claimed damages exceeding the Financial Creditor's claim.