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Case Law Details

Case Name : In re Anil Syal (NCLT)
Appeal Number : CP IB-589(PB)/2019
Date of Judgement/Order : 28/10/2020
Related Assessment Year :
Courts : NCLT
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In re Anil Syal (NCLT)

1. Under consideration is an Application No. IB-589/(PB)/2020 filed under Section 94 (1) r/w sections 96, 97, 99 & 100 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as “IBC, 2016”) r/w Rule 6 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. The prayer made is to initiate the Insolvency Resolution Process (hereinafter referred as “IR Process”) against the Applicant/Debtor who is the Personal Guarantor of Union Bank of India (hereinafter referred as the “the Bank”) for an amount of Rs. 40 Crores in relation to the credit facility extended by the Bank in favour of FLPL Logistics Pvt. Ltd (formerly Known as Flywheel Logistics Pvt Ltd.) (hereinafter referred as the “the Company”).

2. On presentation of the application by the Applicant/Debtor, this Authority vide order dated 18th September 2020 has appointed the Resolution Professional viz., Mr. Avneesh Srivastava, Registration No. IBM/IPA-001/1PM-0184512019-20/12869, with address: 310, 3rd Floor, Kalpana Plaza, Birhana Road, Kanpur, U.P.-208001, Phone No.: 9984169645, (512) 2304026, E-mail: caavneesh11qmail.com, to file report under Section 99 of Insolvency and Bankruptcy Code, 2016, which has been filed by him through IA-4154/2020 filed in CP IB -589/PB/2019 recommending the admission of the application filed under section 94 of IBC, 2016. The grounds for admission of the application recorded in the Report are as follows: –

  • The Applicant/Debtor has committed default in repayment of his debts; therefore, first requirement as set out under Section 94 (1) is satisfied.
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