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NCLT Dismisses Section 7 Plea as Assigned Trade Receivables Remained Operational Debt
Case Law Details
- Case Name
- Bank of Maharashtra Vs Ashiana Ispat Limited (NCLT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Bank of Maharashtra Vs Ashiana Ispat Limited (NCLT Jaipur)
The National Company Law Tribunal (NCLT), Jaipur Bench, considered a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Bank of Maharashtra seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Ashiana Ispat Limited for an alleged default of ₹25,75,53,710.25 arising from a Bill Discounting Facility extended through the Trade Receivables Discounting System (TReDS).
The bank stated that it had sanctioned a buyer-wise Bill Discounting Facility through TReDS und...
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