Section 33 application for liquidation of Grid Steel and Alloys Ltd allowed

Canara Bank Vs Grids Steel & Alloys Limited (NCLT Cuttack) NCLT Cuttack held that application u/s. 33 of Insolvency and Bankruptcy Code for liquidation of Grid Steel and Alloys Limited deserves to be allowed. Accordingly, liquidator of the Corporate Debtor also appointed. Facts- This instant application is filed by Canara Bank through Mr. Sanjay Shravan Hedaoo, Chief Manger of the Bank and the sole financial creditor of the Corporate Debtor, Grid Steel and Alloys limited (Applicant) under Section 33 of the Insolvency and Bankruptcy Code, 2016 (Code) for seeking liquidation order of the Cor...