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NATIONAL COMPANY LAW TRIBUNAL
Shammi Khan, Sanjeev Kumar Sharma, JJ
Bank of Baroda – Appellant
Versus
Xyron Technologies Ltd – Respondent
| Table of Content |
|---|
| 1. filing of insolvency application and identification of parties. (Para 1 , 2 , 3) |
| 2. financial background and obligations of corporate debtor. (Para 4 , 5 , 6 , 7) |
| 3. procedural adherence and recognition of defaults. (Para 8 , 12) |
| 4. court’s rationale in confirming debt and default. (Para 18 , 19) |
| 5. final order of admission in insolvency. (Para 22) |
ORDER
(Hybrid Mode)
The case is fixed for pronouncement of the order.
The order is pronounced in open Court vide separate sheet.
ORDER
1. The present Petition is filed on 20.02.2024 through e-mode by the Applicant-Bank of Baroda (hereinafter referred to as “Financial Creditor”) against the Respondent- Xyron Technologies Limited. (hereinafter referred to as “Corporate Debtor”) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as “IB (AAA) Rules, 2016”) for initiation of Corporate Insolvency Resolution Process (CIRP), to appoint Interim Resolution Professional (hereinafter referred to as “IRP”) and declare the moratorium for having defaulted payment of i
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