In the matter of Spectra Industries Limited Cp (Ib) 3788-MB-2019
Case brief
What is this about?
Upon hearing the applicant Bank of India, the National Company Law Tribunal admitted a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Tribunal found that the corporate debtor, Spectra Industries Limited, failed to pay a financial debt of over Rs. 29.50 crores, thus satisfying conditions for initiation of CIRP.
What did the court decide?
CIRP initiated against Spectra Industries Limited; Interim Resolution Professional appointed; moratorium imposed; costs imposed on applicant.
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 THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT - II
CP (IB) 3788/MB/2019
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
Bank of India
..… Applicant/ Financial Creditor Versus
Spectra Industries Limited
….. Corporate Debtor
Order Delivered on :- 16.06.2023
Coram:
Shyam Babu Gautam Kuldip Kumar Kareer Hon’ble Member (Technical) Hon’ble Member (Judicial)
Issues for consideration
2 issues framed by the court
Whether a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process should be admitted.
Whether the debt and default alleged in the petition satisfy the legal ingredients for admission under Section 7 of the Code.
Parties & counsel
- applicant
Bank of India
- respondent
Spectra Industries Limited
Coram
Shyam Babu Gautam
Case details
As recorded by the court registry
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