In the matter of Gangotri Enterprises Ltd. Cp No.(IB)262-ALD-2019
Case brief
What is this about?
In an application under Section 7 of the Insolvency and Bankruptcy Code, the Tribunal examined whether the filing was timely given the debt default date. The court accepted revival letters, OTS proposals, and meeting minutes as valid acknowledgments of debt under the Limitation Act, rejecting claims of coercion or fabrication. The application was admitted.
What did the court decide?
Admitted the application, declared a moratorium under Sections 13 and 14 of the Code, appointed Mrs. Babita Jain as IRP, and directed constitution of Committee of Creditors.
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IN THE NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH ALLAHABAD
CP NO.(IB)262/ALD/2019
In the matter of
An application under Section 7 of Insolvency & Bankruptcy Code, 2016 read with Rule 4 of the Insolvency & Bankruptcy. (Application to Adjudicating Authority Rules, 2016)
And
In the matter of: BANK OF INDIA Having Head Office at : Star House, C-5, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051
.... Applicant
Versus
M/S GANGOTRI ENTERPRISES LTD.
Having Registered Office at : B-158, Sector-A, Mahanagar, Lucknow - 226006
Issues for consideration
3 issues framed by the court
Whether the application for initiating Corporate Insolvency Resolution Process is barred by limitation despite the initial default date being over three years prior to filing.
Whether various revival letters, Out of Turn Settlement (OTS) proposals, and board meeting minutes constitute valid acknowledgments of debt under Section 18 of the Limitation Act.
Whether documentation signed on blank papers at the time of disbursement and dated later by the lender is valid.
Parties & counsel
- applicant
BANK OF INDIA
- respondent
M/S GANGOTRI ENTERPRISES LTD.
Coram
SH. RAJASEKHAR V.K.
Case details
As recorded by the court registry
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