Bank of Maharashtra Vs DNR India Autotech Private Limited (NCLT Mumbai)
The National Company Law Tribunal (NCLT), Mumbai, considered an application filed by Bank of Maharashtra under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against DNR India Autotech Private Limited. The application was filed on 24.12.2025, claiming an alleged financial debt of ₹17,98,68,464, with the date of default stated as 24.11.2025. The Financial Creditor proposed Mr. Mangesh Vitthal Kekre as the Interim Resolution Professional (IRP).
The Financial Creditor filed additional affidavits in compliance with interim orders of the Tribunal and submitted an amended Form-1 along with supporting documents, including paper publication, an earlier CIRP order concerning the principal borrower, sanction letters, consortium agreement, hypothecation deed, guarantee agreement, mortgage deed, CIBIL report, statements of account, certificate under the Bankers’ Books Evidence Act, SARFAESI notice under Section 13(2), and the notice invoking the corporate guarantee. According to the amended application, the principal borrower, Tirumalla Agro Industries Private Limited, had obtained consortium credit facilities aggregating ₹16 crore from the applicant, and the present Corporate Debtor had furnished a corporate guarantee. Particulars of mortgaged industrial properties owned by the Corporate Debtor were also placed on record.
