IN RE Vs. SYNERGIES-DOORAY AUTOMOTIVE LTD

JUDGEMENT

(1.) Heard Shri A.D. Gupta, learned counsel for the petitioner. The present company petition has been filed by Synergies-Dooray Automotive Ltd. (hereinafter referred as corporate debtor or company petitioner) for initiation of the Corporate Insolvency Resolution Process (CIRP) under section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, on 17.1.2017.

(2.) The learned counsel submits that the petitioner company was earlier registered with BIFR as case No. 135 of 2005 and formulation of Scheme was pending before the BIFR.

(3.) During the pendency of the proceedings, the BIFR, vide its order dated 29.5.2012, directed the dues of EXIM bank to be settled @ 26.66% of principal in full and final settlement of its dues. Against the said order, the EXIM bank filed appeal No. 137/2012 before AAIFR which is pending.