Aditya Birla Finance Limited Vs Priya Food Products Limited (NCLT Kolkata)
NCLT Kolkata held that application for initiation of Corporate Insolvency Resolution Process u/s. 7 of the Insolvency and Bankruptcy Code by Aditya Birla Finance Limited [Financial Creditors] against Priya Food Products Limited [Corporate Debtor] admitted as default in payment of financial debt established.
Facts- The instant Interlocutory Application is filed in the CP (IB) No. 24/KB/2025 pending before this Tribunal filed by the financial creditor. The applicant is filing this application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) read with Rule 11 of the National Company Law Tribunal Rules, 2016, inter alia, seeking amendment and substitution in the main Company Petition and substitution of the name of the financial creditor, as “Aditya Birla Capital Limited” in place of “Aditya Birla Finance Limited” in the instant proceedings.
Conclusion- The Corporate Debtor, namely Priya Foods Product Limited, had availed loan and credit facilities as a co-borrower along with Gee Pee Foods Private Limited. These facilities were extended by the Financial Creditor from time to time. It is further noted that the Corporate Debtor defaulted in the repayment of installments under the said facilities. Such default squarely attracts the statutory rights available to the Financial Creditor under the IBC, 2016, entitling it to initiate proceedings for the commencement of the CIRP against the Corporate Debtor. Therefore, the present application is complete in terms of Section 7(5) of the IBC, 2016. The Applicant/Financial Creditor is entitled to claim its dues, establishing the default in payment of the financial debt beyond doubt.
