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. The applicant proposed Mr. Srigini Rajat Naidu as the Interim Resolution Professional (IRP).
Canara Bank 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 was Rs.1,49,95,87,934.49/- as on 30.11.2024.
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 proposed Mr. Srigini Rajat Naidu as the Interim Resolution Professional (IRP).
The CD argued that the application was barred by limitation and that the NPA classification was illegal.
The CD contended that the Applicant failed to follow mandatory preconditions before declaring the account as NPA, as per the MSME rehabilitation framework.
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Canara Bank filed the…
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. The applicant proposed Mr. Srigini Rajat Naidu as the Interim Resolution Professional (IRP).
Canara Bank 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 was Rs.1,49,95,87,934.49/- as on 30.11.2024.
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 proposed Mr. Srigini Rajat Naidu as the Interim Resolution Professional (IRP).
The CD argued that the application was barred by limitation and that the NPA classification was illegal.
The CD contended that the Applicant failed to follow mandatory preconditions before declaring the account as NPA, as per the MSME rehabilitation framework.
…Canara Bank filed the…
Date of Defaul…