IN RE Vs. BRILLIANT ALLOYS PRIVATE LIMITED

JUDGEMENT

(1.) This is a Company Petition filed by Brilliant Alloys Private Limited (in short, 'Petitioner/Corporate Debtor') under section 10 of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016') r/w. Rule 7 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, 'IB Rules 2016') for initiating Corporate Insolvency Resolution Process (in short, 'CIRP') in respect of the Corporate Debtor itself on grounds of inability to pay debt.

(2.) Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition.

(3.) The Petitioner/CD is a Company incorporated under the Companies Act 1926 engaged in the business of ferrous or non-ferrous metal, melting furnaces etc. The Objector in the instant petition is State Bank of India, a nationalised bank.