This civil appeal arises from a judgment and order passed by the National Company Law Appellate Tribunal (NCLAT), which dismissed a Company Appeal filed by the Appellants. The Appellants challenged an order of the National Company Law Tribunal (NCLT), Kolkata Bench, which admitted an application filed by the Respondent as a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Corporate Debtor was engaged in the export of textile and garments. The Financial Creditor had granted a cash credit facility to the Corporate Debtor. The Corporate Debtor defaulted in repayment, leading to its account being declared a Non-Performing Asset (NPA). The Financial
…The Baidyabati Sheoraphuli Co-operative Bank Ltd. (Respondent No. 1), a financial creditor, extended a cash credit facility of Rs. 1,00,00,000/- to Debi Fabtech Private Ltd. (Corporate Debtor). The Corporate Debtor defaulted on repayments, leading the Financial Creditor to declare the account a Non-Performing Asset (NPA) on March 31, 2013. Subsequently, the Financial Creditor initiated proceedings under the SARFAESI Act, issuing a notice under Section 13(2) on January 18, 2014, demanding Rs. 1,07,88,536.00. The Corporate Debtor challenged these notices in the Calcutta High Court under Article 226 of the Constitution of India. The High Court granted an interim order on July 24, 2017, restraining the Financial Creditor from taking further steps under the SARFAESI Act,
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Corporate Debtor requested the Financial…
Financial Creditor granted Cash Credit…
This civil appeal arises from a judgment and order passed by the National Company Law Appellate Tribunal (NCLAT), which dismissed a Company Appeal filed by the Appellants. The Appellants challenged an order of the National Company Law Tribunal (NCLT), Kolkata Bench, which admitted an application filed by the Respondent as a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Corporate Debtor was engaged in the export of textile and garments. The Financial Creditor had granted a cash credit facility to the Corporate Debtor. The Corporate Debtor defaulted in repayment, leading to its account being declared a Non-Performing Asset (NPA). The Financial
…The Baidyabati Sheoraphuli Co-operative Bank Ltd. (Respondent No. 1), a financial creditor, extended a cash credit facility of Rs. 1,00,00,000/- to Debi Fabtech Private Ltd. (Corporate Debtor). The Corporate Debtor defaulted on repayments, leading the Financial Creditor to declare the account a Non-Performing Asset (NPA) on March 31, 2013. Subsequently, the Financial Creditor initiated proceedings under the SARFAESI Act, issuing a notice under Section 13(2) on January 18, 2014, demanding Rs. 1,07,88,536.00. The Corporate Debtor challenged these notices in the Calcutta High Court under Article 226 of the Constitution of India. The High Court granted an interim order on July 24, 2017, restraining the Financial Creditor from taking further steps under the SARFAESI Act,
…Corporate Debtor requested the Financial…
Financial Creditor granted Cash Credit…