In the matter of Lokshakti Sugar & Allied Industries Limited Cp (Ib) No.57-MB-IV-2021
Case brief
What is this about?
The Tribunal admitted an application under Section 7 of the I&B Code filed by IREDA against Lokshakti Sugar. The court found a financial debt exceeding one crore existed with admitted default. Moratorium under Section 14 was declared, and Mr. Charudutt Pandhrinath Marathe was appointed as Interim Resolution Professional.
What did the court decide?
Application admitted; Moratorium declared under Section 14; Mr. Charudutt Pandhrinath Marathe appointed as Interim Resolution Professional.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
CP (IB) No.57/MB-IV/2021
Under Section 7 of the I&B Code, 2016
In the matter of:
Indian Renewable Energy Development Agency Limited
[CIN: U65100DL1987GOI027265]
…Financial Creditor/Applicant
V/s
Lokshakti Sugar & Allied Industries Limited
[CIN: U01115PN2008PLC132484]
...Corporate Debtor/Respondent
Order Dated: 11.01.2023 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 application for initiating Corporate Insolvency Resolution Process should be admitted given the existence of admissible financial debt and default.
Whether adequate security and documentary compliance are present to sustain the application for CIRP.
Whether to declare moratorium and appoint an Interim Resolution Professional upon admission of the corpus.
Parties & counsel
- applicant
Indian Renewable Energy Development Agency Limited
- respondent
Lokshakti Sugar & Allied Industries Limited
Coram
Manoj Kumar Dubey
Case details
As recorded by the court registry
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