In the matter of Kharewali Steel Private Limited Cp (Ib) No.3093-MB-IV-2019
Case brief
What is this about?
The NCLT admitted a Section 7 Insolvency petition filed by Union Bank of India against Kharewali Steel Private Limited for non-payment of dues. The tribunal accepted the existence of debt and default, declared a moratorium under Section 14, and appointed a registered Interim Resolution Professional.
What did the court decide?
Admission of CIRP petition; declaration of moratorium under Section 14 I&B Code; appointment of Mr. Mahesh Sureka as Interim Resolution Professional.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
CP (IB) No.3093/MB-IV/2019
Under Section 7 of the I&B Code, 2016
In the matter of:
Union Bank of India Limited
…Financial Creditor/Petitioner
V/s
Kharewali Steel Private Limited
[CIN: U70102MH2012PTC2]
...Corporate Debtor/Respondent
Order pronounced on : 13.12.2022
Coram:
Mr. Manoj Kumar Dubey Mr. Kishore Vemulapalli Hon’ble Member (Technical) Hon’ble Member (Judicial)
Issues for consideration
3 issues framed by the court
Whether the Corporate Insolvency Resolution Process (CIRP) is maintainable against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code.
Whether the admitted debt and default fall within the period of limitation prescribed for initiating CIRP.
The appointment of an Interim Resolution Professional and the declaration of moratorium.
Parties & counsel
- petitioner
Union Bank of India Limited
- respondent
Kharewali Steel Private Limited
Coram
Manoj Kumar Dubey
Case details
As recorded by the court registry
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