Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Yashwant Dugdh Prakriya Limited, claiming a default of Rs. 11,22,18,723/- as of 31.03.2022. The Corporate Debtor (CD) contested the application, citing non-compliance with mandatory requirements, the applicability of Section 10A of the IBC due to the COVID-19 pandemic, and the existence of a moratorium granted by the Reserve Bank of India (RBI).
Axis Bank Limited filed C.P. (IB) No.707/MB/2022 on 07.06.2022 under Section 7 of the IBC to initiate CIRP against Yashwant Dugdh Prakriya Limited.
The amount claimed to be in default as on 31.03.2022 is Rs. 11,22,18,723/-.
The loan account of the Corporate Debtor was classified as NPA on 01.05.2020, later amended to 01.02.2020.
The Applicant proposed Mr. Krishna Chamadia as the Interim Resolution Professional (IRP).
The Corporate Debtor argued that the application was barred by Section 10A of the IBC due to the COVID-19 pandemic and the default date falling within the prohibited period.
The Corporate Debtor also claimed non-compliance with mandatory prior service requirements to the IBBI.
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Axis Bank Limited filed…
The NCLT admitted the application and…
Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Yashwant Dugdh Prakriya Limited, claiming a default of Rs. 11,22,18,723/- as of 31.03.2022. The Corporate Debtor (CD) contested the application, citing non-compliance with mandatory requirements, the applicability of Section 10A of the IBC due to the COVID-19 pandemic, and the existence of a moratorium granted by the Reserve Bank of India (RBI).
Axis Bank Limited filed C.P. (IB) No.707/MB/2022 on 07.06.2022 under Section 7 of the IBC to initiate CIRP against Yashwant Dugdh Prakriya Limited.
The amount claimed to be in default as on 31.03.2022 is Rs. 11,22,18,723/-.
The loan account of the Corporate Debtor was classified as NPA on 01.05.2020, later amended to 01.02.2020.
The Applicant proposed Mr. Krishna Chamadia as the Interim Resolution Professional (IRP).
The Corporate Debtor argued that the application was barred by Section 10A of the IBC due to the COVID-19 pandemic and the default date falling within the prohibited period.
The Corporate Debtor also claimed non-compliance with mandatory prior service requirements to the IBBI.
…Axis Bank Limited filed…
The NCLT admitted the application and…