Bank of India, the Financial Creditor (FC), filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) against Supreme Engineering Limited, the Corporate Debtor (CD), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The FC claimed a default amount of Rs. 117,50,63,582.23/- as on 02.03.2025, with the date of default stated as 20.05.2021. The CD contested the application, primarily arguing that the petition was barred by limitation, that the actual default occurred during the Section 10A period of the IBC, and that an interim moratorium under Section 96 of the IBC, triggered by Section 95 petitions against personal guarantors, should bar the proceedings against the CD. The CD also alleged that the petition was filed for
…C.P. (IB) No. 660 of 2025 was filed on 10.07.2025 by Bank of India (Financial Creditor) against Supreme Engineering Limited (Corporate Debtor) under Section 7 of IBC, 2016.
The application seeks initiation of Corporate Insolvency Resolution Process (CIRP) against Supreme Engineering Limited.
The application was affirmed by Mr. Revin Kurien, Chief Manager, Bank of India.
The amount claimed to be in default is Rs. 117,50,63,582.23/- as on 02.03.2025.
The date of default is stated as 20.05.2021, amended vide order dated 16.07.2025.
S. Gopalakrishnan is proposed as the Interim Resolution Professional (IRP).
The Financial Creditor holds various securities including hypothecation of stocks, book debts, plant and machinery, and land parcels.
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Cash and Credit (Stock and book debts upto 90…
The Applicant (FC) recorded that the cash…
Bank of India, the Financial Creditor (FC), filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) against Supreme Engineering Limited, the Corporate Debtor (CD), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The FC claimed a default amount of Rs. 117,50,63,582.23/- as on 02.03.2025, with the date of default stated as 20.05.2021. The CD contested the application, primarily arguing that the petition was barred by limitation, that the actual default occurred during the Section 10A period of the IBC, and that an interim moratorium under Section 96 of the IBC, triggered by Section 95 petitions against personal guarantors, should bar the proceedings against the CD. The CD also alleged that the petition was filed for
…C.P. (IB) No. 660 of 2025 was filed on 10.07.2025 by Bank of India (Financial Creditor) against Supreme Engineering Limited (Corporate Debtor) under Section 7 of IBC, 2016.
The application seeks initiation of Corporate Insolvency Resolution Process (CIRP) against Supreme Engineering Limited.
The application was affirmed by Mr. Revin Kurien, Chief Manager, Bank of India.
The amount claimed to be in default is Rs. 117,50,63,582.23/- as on 02.03.2025.
The date of default is stated as 20.05.2021, amended vide order dated 16.07.2025.
S. Gopalakrishnan is proposed as the Interim Resolution Professional (IRP).
The Financial Creditor holds various securities including hypothecation of stocks, book debts, plant and machinery, and land parcels.
…Cash and Credit (Stock and book debts upto 90…
The Applicant (FC) recorded that the cash…