Khushi Bajpai
Published on: 17 August, 2022 at 16:30 IST
Case Title: Bank Of Baroda Vs. Topworth Urja & Metals Limited
The National Company Law Tribunal (NCLT), Mumbai bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in Bank of Baroda v. Top Worth Urja & Metals Limited, has initiated a Corporate Insolvency Resolution Process (CIRP) against Topworth Urja & Metals Ltd. over a default of INR 218,14,20,222.95/- and has appointed Mr. Alok Kailash Saxena as the Interim Resolution Professional.
The Corporate Debtor argued that the petition had been filed on the basis of an incorrect date of default and that the alleged amount claimed was due and payable.
It contended that the default in the petition was based on the MRA, after revocation of the rights and liabilities of the parties fell back to the original facility agreements which were already declared NPA by the financial creditor.
The adjudicating authority opined that there was nothing on record to show that the MRA was revoked and hence, a debt was admittedly due and payable.
The bench admitted the petition, initiated CIRP and appointed Mr. Alok Kailash Saxena as the Interim Resolution Professional.
