In the matter of Venus Biosciences Private Limited Cp (Ib) No.233-Chd-HP-2019
Case brief
What is this about?
Admitted Section 7 petition filed by Syndicate Bank against Venus Biosciences Private Limited for default of Rs. 4332.35 Lakhs. Directed moratorium under Section 14, appointed Interim Resolution Professional, and suspended the Board of Directors.
What did the court decide?
Admitted the petition; directed moratorium under Section 14; appointed Mr. Kannan Tiruvengadam as Interim Resolution Professional; suspended the Board of Directors.
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.
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THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH (Exercising powers of Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016)
CP (IB) No.233/Chd/HP/2019
Under Section 7, of the IBC 2016
In the matter of:
Syndicate Bank
having its head office at Manipal in the State of Karnataka Branch at 26, Shakespeare Sarani, P.S. Shakespeare Sarani Kolkata-700071
Know as Syndicate Bank, Camac Street Branch, Kolkata
………….Petitioner-Financial Creditor
Vs.
Venus Biosciences Private Limited
having its Regd. Office at 116, EPIP Phase-1, Village-Jharmajri, Baddi, District-Solan, Himachal Pradesh-173205 CIN: U74999HP2008PTC031161
Issues for consideration
3 issues framed by the court
Whether the application under Section 7 was filed within the period of limitation.
Whether a financial default had occurred to admit the application under Section 7 of the IBC.
Whether the proposed Interim Resolution Professional had valid credentials and no disciplinary proceedings pending.
Parties & counsel
- petitioner
Syndicate Bank
- respondent
Venus Biosciences Private Limited
Coram
Harnam Singh Thakur
Case details
As recorded by the court registry
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