UCO Bank Vs Haran Chandra Cold Storage Pvt. Ltd (NCLT Kolkata)
NCLT Kolkata held that application under section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against Haran Chandra Cold Storage Pvt. Ltd. [Corporate Debtor] is admitted since financial debt and default is duly established.
Facts- This Company Petition has been filed by UCO Bank/Financial Creditor under section 7(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against the Corporate Debtor, for an amount of default of Rs. 24,21,20,942.70/-. The date of default mentioned therein is 30.06.2019.
Conclusion- In Indus Biotech Private Limited Kotak India Venture (Offshore) Fund reported in (2021) 6 SCC 436: MANU/SC/0231/2021 it is held that in order to trigger an application, there should be in existence four factors: (i) there should be a ‘debt’ (ii) ‘default’ should have occurred (iii) debt should be due to ‘financial creditor’ and (iv) such default which has occurred should be by a ‘corporate debtor…”.
Held that the Application filed by UCO Bank (Financial Creditor), under Section 7 of the Insolvency & Bankruptcy Code, 2016, is hereby, ADMITTED for initiating the Corporate Insolvency Resolution Process in respect of Haran Chandra Cold Storage Private Limited (Corporate Debtor).
