Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Galaxy Constructions and Contractors Private Limited, the Corporate Debtor (CD). The application was filed due to a default of Rs.1,49,95,87,934.49/- as on 30.11.2024.
Canara Bank, the Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against M/s. Galaxy Constructions and Contractors Private Limited.
The amount claimed to be in default as on 30.11.2024 is Rs.1,49,95,87,934.49/-.
The date of default as per Part IV of the Application is 25.07.2017, and the CD was declared NPA on 26.04.2018.
The Applicant has proposed Mr. Srigini Rajat Naidu as the Interim Resolution Professional (IRP).
The CD argued that the application was barred by limitation, the NPA classification was illegal, and there was inconsistency in the default dates.
The Applicant relied on part-payments and OTS proposals to assert that the limitation stands extended under Sections 18 and 19 of the Limitation Act, 1963.
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Canara Bank fi…
Date of Defaul…
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Galaxy Constructions and Contractors Private Limited, the Corporate Debtor (CD). The application was filed due to a default of Rs.1,49,95,87,934.49/- as on 30.11.2024.
Canara Bank, the Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against M/s. Galaxy Constructions and Contractors Private Limited.
The amount claimed to be in default as on 30.11.2024 is Rs.1,49,95,87,934.49/-.
The date of default as per Part IV of the Application is 25.07.2017, and the CD was declared NPA on 26.04.2018.
The Applicant has proposed Mr. Srigini Rajat Naidu as the Interim Resolution Professional (IRP).
The CD argued that the application was barred by limitation, the NPA classification was illegal, and there was inconsistency in the default dates.
The Applicant relied on part-payments and OTS proposals to assert that the limitation stands extended under Sections 18 and 19 of the Limitation Act, 1963.
…Canara Bank fi…
Date of Defaul…