MUMBAI :The Mumbai bench of the National Company Law Tribunal (NCLT) has rejected IDBI Bank’s insolvency plea against Anik Industries, a diversified business conglomerate based in Indore.
MUMBAI :The Mumbai bench of the National Company Law Tribunal (NCLT) has rejected IDBI Bank’s insolvency plea against Anik Industries, a diversified business conglomerate based in Indore.
The petition filed by IDBI Bank in 2022, relied on a guarantee agreement dating back to November 2010 between Suman Agritech, a company within the promoter group, and the bank.
The petition filed by IDBI Bank in 2022, relied on a guarantee agreement dating back to November 2010 between Suman Agritech, a company within the promoter group, and the bank.
Last July, Anik Industries said in a regulatory filing that financial creditors of Suman Agritech had approached the NCLT alleging default of ₹46.4 crore for which it had provided a corporate guarantee.
Last July, Anik Industries said in a regulatory filing that financial creditors of Suman Agritech had approached the NCLT alleging default of ₹46.4 crore for which it had provided a corporate guarantee.
According to Nausher Kohli, the legal representative for Anik Industries, the guarantee agreement dated 15 November, 2010, has been deemed “illegal, null and void” by the Debt Recovery Tribunal (DRT) in Jabalpur on 20 January.
According to Nausher Kohli, the legal representative for Anik Industries, the guarantee agreement dated 15 November, 2010, has been deemed “illegal, null and void” by the Debt Recovery Tribunal (DRT) in Jabalpur on 20 January.
The DRT has also absolved Anik Industries of any obligation as the corporate guarantor for the disputed debt transaction, he added.
The DRT has also absolved Anik Industries of any obligation as the corporate guarantor for the disputed debt transaction, he added.
Additionally, Kohli said the DRT order is under appeal before the Debt Recovery Appellate Tribunal.
Additionally, Kohli said the DRT order is under appeal before the Debt Recovery Appellate Tribunal.
After hearing both parties, the NCLT bench led by Justices Kuldeep Kumar Kareer and Anuradha Bhatia said since in the order dated 20 January 2023 passed by DRT, Jabalpur, it has been unequivocally held that liability of the applicant under the alleged agreement dated 15 November 2010 was limited till the commencement of production on 23 March 2012, “no liability can be fastened on the basis of the said guarantee deed”. “Therefore, the present application filed on the basis of the said guarantee deed cannot survive,” NCLT observed.
After hearing both parties, the NCLT bench led by Justices Kuldeep Kumar Kareer and Anuradha Bhatia said since in the order dated 20 January 2023 passed by DRT, Jabalpur, it has been unequivocally held that liability of the applicant under the alleged agreement dated 15 November 2010 was limited till the commencement of production on 23 March 2012, “no liability can be fastened on the basis of the said guarantee deed”. “Therefore, the present application filed on the basis of the said guarantee deed cannot survive,” NCLT observed.
It clarified that IDBI Bank shall be at liberty to revive the insolvency application if the DRT order is set aside by the appellate authority.
It clarified that IDBI Bank shall be at liberty to revive the insolvency application if the DRT order is set aside by the appellate authority.