In the matter of Auto Creates (India) P. Limited [Cp (Ib) 691-MB-C-IV-2022]
Case brief
What is this about?
The Tribunal admitted a Financial Creditor's petition under Section 7 of the Insolvency and Bankruptcy Code to initiate CIRP against the Corporate Debtor, upholding that mere default establishes debt without scope for dispute.
What did the court decide?
Admitted the petition to initiate CIRP against the Corporate Debtor; appointed Mr. Shailesh Desai as Interim Resolution Professional.
What the court decided
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH – IV
CP (IB) 691/MB/C-IV/2022
Under section 7 of the Insolvency and Bankruptcy Code, 2016
In the matter of Unity Small Finance Bank Limited [BOM/BNK/174 of 1983]
Office No. 4 & 5, 3rd Floor, Dreams Mall, LBS Marg, Bhandup (West), Mumbai - 400078.
… Financial Creditor/Petitioner
Versus
Auto Creates (India) Private Limited [CIN: U99999MH1991PTC059843]
B-301, Amaltas Co-operative Housing Society Limited, Juhu Versova Link Road, Andheri (West), Mumbai - 400053.
… Corporate Debtor/Respondent
Order Delivered on 06.10.2023
Coram:
Issues for consideration
2 issues framed by the court
Whether the Corporate Debtor was in default of a financial debt exceeding the threshold limit under Section 4 of the IBC.
Whether the existence of a dispute regarding the debt prevents admission of the petition under Section 7 of the IBC.
Parties & counsel
- applicant
Unity Small Finance Bank Limited
- respondent
Auto Creates (India) Private Limited
Coram
Kishore Vemulapalli
Case details
As recorded by the court registry
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