In the matter of Kaushik Global Logistics Limited Cp(Ib) No. 1180-KB-2020
Case brief
What is this about?
The Adjudicating Authority examined a Corporate Insolvency Resolution Process petition filed by State Bank of India against Kaushik Global Logistics Limited. The Court addressed pleas regarding the law of limitation, authorization of the petition, and eligibility of the application, ultimately admitting the petition and initiating CIRP.
What did the court decide?
The application for initiating CIRP was admitted, a moratorium under Section 14 was imposed, and an Interim Resolution Professional was appointed.
IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH KOLKATA
CP(IB) No. 1180/KB/2020
Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016
In the matter of:
State Bank of India, a public sector banking and financial services statutory body established under the State bank of India Act 1955, h aving its Stressed Assets Management Branch at Nagaland House, 8th Floor, 11 and 13, Shakespeare Sarani, Kolkata, West Bengal- 700001.
.....Financial Creditor
-Versus-
Kaushik Global Logistics Limited , a company incorporated under the Companies Act, 1956, being a Company within the meaning of the Companies Act, 2013 and having Corporate Identification No- U63090BR2004PLC099002 and its registered office at Diamond Chambers, 4, Chowringhee Lane Block I & II, 2nd Floor, Kolkata- 700016, in the state of West Bengal
.... Corporate Debtor
Date of Hearing : 25th April, 2022 Date of pronouncing the order: 10th June, 2022
Issues for consideration
3 issues framed by the court
Whether the application under Section 7 of the IBC is barred by the law of limitation given the period of default.
Whether the application was filed by a competent person authorized to file the petition.
Whether the Corporate Debtor committed a default in payment of debt amounting to more than one crore rupees.
Parties & counsel
- applicant
State Bank of India
Coram
Rohit Kapoor
Harish Chander Suri
Case details
As recorded by the court registry
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