ALLAHABAD BANK Vs. GUJARAT FOILS LTD

JUDGEMENT

(1.) Allahabad Bank, through its Authorised Signatory filed this Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ["IB Code" for short] read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, ("IB Rules" for short) against M/s. Gujarat Foils Limited, with a request to initiate Corporate Insolvency Resolution Process treating it as 'Corporate Debtor'., -

(2.) It is the case of the Financial Creditor that Gujarat Foils Limited ["the Corporate Debtor"] was sanctioned loan of amount of Rs 55,00,00,000 Financial Creditor has furnished dates of t w I J disbursement of various amounts in Column 2 of Form-1 In proof of the debt, Financial Creditor filed the following documents; (z) Notice under Section 13(2) of the SARFAESI Act; (aa) Demand Notice dated 472017 demanding outstanding dues as on 2472017 of Rs 61,67,37,712/- inclusive of interest

(3.) It is the case of the Financial Creditor that Corporate Debtor has committed default in payment of the debt. Financial Creditor proposed the name of Interim Resolution Professional and filed his Written Communication. Financial Creditor served a copy r - of the Application on the Corporate Debtor. The Corporate Debtor filed its objections.