The case involves an application filed by the Liquidator of A.K. Power Industries Private Limited under Section 60(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of one year for the completion of the liquidation process. The Corporate Debtor, A.K. Power Industries Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) based on an application filed under Section 7 of the IBC Code, 2016. An order for liquidation was passed on August 11, 2021, as there was no resolution. The Financial Creditor was directed to produce the original Loan Agreement, which was challenged in appeal. The suspended Board of Directors contested the application, alleging that the Loan Agreement relied upon by the Financial
…A.K. Power Industries Private Limited was admitted into CIRP based on an application under Section 7 of the IBC. The Financial Creditor's application was based on a loan agreement. After no resolution, a liquidation order was passed on August 11, 2021. The Financial Creditor was asked to produce the original loan agreement. The suspended Board of Directors contested the application for extension of the liquidation period, claiming the loan agreement was forged. They also pointed out a clause in the agreement referring disputes to NCLT, which was not in existence at the time of the agreement. The Financial Creditor argued that the admission order was based not only on the loan agreement but also on other financial transactions. No appeal was filed against the admission
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The case involves an application filed by the Liquidator of A.K. Power Industries Private Limited under Section 60(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of one year for the completion of the liquidation process. The Corporate Debtor, A.K. Power Industries Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) based on an application filed under Section 7 of the IBC Code, 2016. An order for liquidation was passed on August 11, 2021, as there was no resolution. The Financial Creditor was directed to produce the original Loan Agreement, which was challenged in appeal. The suspended Board of Directors contested the application, alleging that the Loan Agreement relied upon by the Financial
…A.K. Power Industries Private Limited was admitted into CIRP based on an application under Section 7 of the IBC. The Financial Creditor's application was based on a loan agreement. After no resolution, a liquidation order was passed on August 11, 2021. The Financial Creditor was asked to produce the original loan agreement. The suspended Board of Directors contested the application for extension of the liquidation period, claiming the loan agreement was forged. They also pointed out a clause in the agreement referring disputes to NCLT, which was not in existence at the time of the agreement. The Financial Creditor argued that the admission order was based not only on the loan agreement but also on other financial transactions. No appeal was filed against the admission
…Date of the loan…
Order admitting the Corporate Debtor into…