Canara Bank filed an application under Section 7 of the IBC to initiate CIRP against Swaminarayan Diamonds Private Limited due to a default of Rs. 49,82,39,199.81/- as of 30.11.2024. The corporate debtor (CD) contested the application on grounds of inconsistent default dates, non-compliance with MSME revival framework, and alleged misuse of IBC.
Canara Bank filed C.P. (IB) No.333/MB/2025 on 16.01.2025 under Section 7 of the IBC against Swaminarayan Diamonds Private Limited.
The claimed default amount as of 30.11.2024 was Rs. 49,82,39,199.81/-.
The applicant proposed Ms. Megha Agrawal as the Interim Resolution Professional (IRP).
The CD initially sanctioned working capital and term loan facilities between 2013 and 2019.
The CD created a first charge (hypothecation) over its stock of goods and receivables worth Rs. 40 Crores.
The CD was classified as a Non-Performing Asset (NPA) on 05.07.2024.
The applicant relied on the judgement of Dena Bank v. Shivkumar Reddy to amend its Form-1 regarding the date of default.
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Canara Bank filed C.P.…
The claimed default…
Canara Bank filed an application under Section 7 of the IBC to initiate CIRP against Swaminarayan Diamonds Private Limited due to a default of Rs. 49,82,39,199.81/- as of 30.11.2024. The corporate debtor (CD) contested the application on grounds of inconsistent default dates, non-compliance with MSME revival framework, and alleged misuse of IBC.
Canara Bank filed C.P. (IB) No.333/MB/2025 on 16.01.2025 under Section 7 of the IBC against Swaminarayan Diamonds Private Limited.
The claimed default amount as of 30.11.2024 was Rs. 49,82,39,199.81/-.
The applicant proposed Ms. Megha Agrawal as the Interim Resolution Professional (IRP).
The CD initially sanctioned working capital and term loan facilities between 2013 and 2019.
The CD created a first charge (hypothecation) over its stock of goods and receivables worth Rs. 40 Crores.
The CD was classified as a Non-Performing Asset (NPA) on 05.07.2024.
The applicant relied on the judgement of Dena Bank v. Shivkumar Reddy to amend its Form-1 regarding the date of default.
…Canara Bank filed C.P.…
The claimed default…