Abhyudaya Co-operative Bank Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A.Navinchandra Steels Private Limited (Corporate Debtor) due to a default of Rs. 70,71,96,999.99. The Financial Creditor had provided cash credit and letter of credit facilities, which became NPA on 13.02.2020. An arbitration award dated 05.11.2022, upheld by the Bombay High Court on 12.02.2026, confirmed the debt. The Corporate Debtor, an MSME, raised objections regarding limitation, the arbitrator's jurisdiction, the Bank's non-compliance with MSME revival frameworks, and the pendency of parallel proceedings and a commercial suit for damages against the Bank.
C.P.(IB) No.1336/MB/2025 was filed on 25.10.2025 by Abhyudaya Co-Operative Bank Ltd (Financial Creditor) against A.Navinchandra Steels Private Limited (Corporate Debtor) under Section 7 of the IBC.
The application was affirmed by Mrs. Shubhangi Matale, authorized signatory of the Applicant, via a Resolution dated 17.04.2025.
The amount claimed to be in default is Rs.70,71,96,999.99/-.
The date of default was stated as 28.06.2025 in an Additional Affidavit dated 31.01.2025, based on a demand notice dated 18.06.2025.
The NeSL Record of Default stated the date of default as 13.02.2020, with the Letter of Credit devolving on 13.11.2019 and becoming NPA on 13.02.2020.
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Abhyudaya Co-operative Bank Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A.Navinchandra Steels Private Limited (Corporate Debtor) due to a default of Rs. 70,71,96,999.99. The Financial Creditor had provided cash credit and letter of credit facilities, which became NPA on 13.02.2020. An arbitration award dated 05.11.2022, upheld by the Bombay High Court on 12.02.2026, confirmed the debt. The Corporate Debtor, an MSME, raised objections regarding limitation, the arbitrator's jurisdiction, the Bank's non-compliance with MSME revival frameworks, and the pendency of parallel proceedings and a commercial suit for damages against the Bank.
C.P.(IB) No.1336/MB/2025 was filed on 25.10.2025 by Abhyudaya Co-Operative Bank Ltd (Financial Creditor) against A.Navinchandra Steels Private Limited (Corporate Debtor) under Section 7 of the IBC.
The application was affirmed by Mrs. Shubhangi Matale, authorized signatory of the Applicant, via a Resolution dated 17.04.2025.
The amount claimed to be in default is Rs.70,71,96,999.99/-.
The date of default was stated as 28.06.2025 in an Additional Affidavit dated 31.01.2025, based on a demand notice dated 18.06.2025.
The NeSL Record of Default stated the date of default as 13.02.2020, with the Letter of Credit devolving on 13.11.2019 and becoming NPA on 13.02.2020.
…Cash credit facility account Number CC/513 for…
Registered Deed of…