HDFC Bank Limited Vs Turnrest Resources Pvt. Ltd (NCLT Ahmedabad)
NCLT Ahmedabad held that application under section 7 of Insolvency and Bankruptcy Code against Corporate Debtor [Turnest Resources Private Limited] admitted since Financial Creditor has successfully established the existence of a financial debt and default committed by the Corporate Debtor.
Facts- The present common order disposes of the Company Petition bearing No. CP (IB)/269(AHM)/2025, filed u/s. 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, and the connected Interlocutory Application bearing No. IA/1078 (AHM) 2025, filed by the Application/Corporate Debtor u/s. 65 of the Insolvency and Bankruptcy Code, 2016,
The Company Petition is filed on 11.07.2025 by the Applicant – HDFC Bank Limited (Financial Creditor) against the Respondent – Turnest Resources Private Limited (Corporate Debtor) u/s. 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process (CIRP), to appoint Interim Resolution Professional and declare the moratorium for having defaulted in payment of the outstanding Financial Debt of Rs.30,50,29,341.25ps including interest. The date of default as stated to be 16.07.2024.
