In the matter of Mahalaxmi Fasteners Pvt. Ltd. Cp (Ib) No. 634 of 2021
Case brief
What is this about?
NCLT admitted an application by an operational creditor to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor for outstanding dues of Rs. 1.75 crore. The court appointed an Interim Resolution Professional and granted the statutory moratorium.
What did the court decide?
Admission of the Company Petition, initiation of CIRP, appointment of Interim Resolution Professional, declaration of moratorium, and stay of suits/proceedings against the corporate debtor.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT- V
CP (IB) No. 634 of 2021
Under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016
In the matter of
Precise Alloys Private Limited,
(CIN No.: U28991MH1989PTC054184) G 20/2, MIDC, Tarapur, Dist. Thane 401506.
….. Operational Creditor
Vs
Mahalaxmi Fasteners Pvt Ltd.,
(CIN No.: U28991PN2009PTC134389) Karbhari Complex Ring Road Kasaba Baramati.
….. Corporate Debtor
Order Dated: 12.05.2023
Issues for consideration
2 issues framed by the court
Whether the Company Petition under Section 9 of the IBC for initiation of CIRP should be admitted given the default in payment of operational debt and absence of a valid dispute.
Who shall be appointed as the Interim Resolution Professional when the applicant has not suggested a name.
Parties & counsel
- applicant
Precise Alloys Private Limited
- respondent
Mahalaxmi Fasteners Pvt Ltd
Coram
Kuldip Kumar Kareer
Case details
As recorded by the court registry
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