IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s HIL (India) Ltd. due to a financial default of Rs. 29,60,00,905/- as on 07.06.2024.
IDBI Bank Limited filed an application under Section 7 of the IBC against M/s HIL (India) Ltd.
The application was filed due to a financial default of Rs. 29,60,00,905/- as on 07.06.2024.
The Corporate Debtor argued that the application is time-barred under the Limitation Act.
The Corporate Debtor also argued that the application is defective for not filing the record of default with an information utility.
The Financial Creditor contended that the application is within limitation due to the recovery certificate issued by the DRT.
The Financial Creditor also contended that the Corporate Debtor acknowledged the debt in its balance sheets and letters.
The Adjudicating Authority admitted the petition and initiated the CIRP.
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IDBI Bank Limited filed…
The Adjudicating…
IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s HIL (India) Ltd. due to a financial default of Rs. 29,60,00,905/- as on 07.06.2024.
IDBI Bank Limited filed an application under Section 7 of the IBC against M/s HIL (India) Ltd.
The application was filed due to a financial default of Rs. 29,60,00,905/- as on 07.06.2024.
The Corporate Debtor argued that the application is time-barred under the Limitation Act.
The Corporate Debtor also argued that the application is defective for not filing the record of default with an information utility.
The Financial Creditor contended that the application is within limitation due to the recovery certificate issued by the DRT.
The Financial Creditor also contended that the Corporate Debtor acknowledged the debt in its balance sheets and letters.
The Adjudicating Authority admitted the petition and initiated the CIRP.
…IDBI Bank Limited filed…
The Adjudicating…