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NATIONAL COMPANY LAW TRIBUNAL
Dr. Venkata Ramakrishna Badarinath Nandula, Shri Charan Singh, JJ
Indian Overseas Bank – Appellant
Versus
M/s. Adilabad Expressway Pvt Ltd – Respondent
| Table of Content |
|---|
| 1. application of ibc is based on financial viability. (Para 1 , 2) |
| 2. court's reasoning for dismissal based on procedural non-compliance. (Para 6 , 7 , 8 , 9 , 10 , 11 , 12) |
| 3. final order dismissing the application. (Para 14) |
The main petition is filed by the by Indian overseas bank (Financial Creditor) under section 7 of Insolvency and Bankruptcy Code , 2016. The petition was filed for non-payment of an amount of Rs. 89.77 Crores borrowed by M/s Adilabad Expressway Private Limited (Corporate Debtor), and to initiate corporate insolvency resolution process against the Corporate Debtor. Stating the same the applicant prayed for the following reliefs:
i. Appoint Mr. S. Kasturi Rangan as the Interim resolution professional in terms of Section 16 of the Code.
ii. Declaring a moratorium in terms of Section 13 and 14 of the code.
iii. Directing that a public announcement of the corporate insolvency resolution process be made in terms of section 13 and 15 of the code.
2. Brief averments of the Applicant/Financial Creditor in the main petition are as follows:
2.1 It is averred that the Corporate Debtor was incorporated on 13-10- 2006 with an authorized share capital of Rs. 15,
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