TaxTMI 
TaxTMI 
2020 (11) TMI 158
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....einafter referred to as "the IB Code"] read with Rule 4 of the Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016 (hereinafter referred to as "the Rules") for the purpose of initiating corporate insolvency resolution process [hereinafter referred to as "CIRP") against AMW Motors Limited, the Respondent company/Corporate Debtor. 2. AMW Motors Limited, the Respondent, a company incorporated on 19.09.2011, under the provisions of the Companies Act, 1956 having its Registered Office at Bachau Road, Near Village Kanaiyabe, Bhuj Kachchh, Gujarat- 370020, India. The Company is engaged in manufacturing & sale of automobile components. 3. The Authorised Share Capital of the Respondent Company, is Rs. 120,00,00,000/-. (Rupe....
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....een 2012 and 2014, they had liquidity constraints and unable to pay the debts. They had discussed with the bankers for restructuring of the loans and part of the debt was converted into equity by the bankers. The Corporate Debtor has proposed for one-time settlement scheme, which was also approved by the Joint Lenders Forum on 24.12.2019 and in terms of OTS the Corporate Debtor has to complete the payments to the lenders by 31.03.2020. The Corporate Debtor has entered into an agreement with Weichai Group of China on 03.03.2020 and Weichai Group and China has agreed to invest USD 154 Million. But, due to global disruption caused by COVID 19 and the prolonged lockdown in India and China, uncertainty over the future prospects of the busi....
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....of accounts furnished is on 22.06.2017. The application is filed on 12.04.2018, hence the application is filed well within the period of limitation. The application is filed by Shri Shubhendu Kumar Verma, Deputy General Manager of the Petitioner's Bank with authorization papers. 11. The Petitioner has proposed the name of Mr. Avil Menezes having Registration No. IBBI/IPA-001/IP-P00017/2016-17/10041 to act as IRP under Section 13(1)(b) of the IB Code and written communication in Form-2 of IBBI has been submitted by the proposed IRP. 12. From the documents placed on record, this Adjudicating Authority is satisfied that default has been committed by the Corporate Debtor in repayment of loan amount to the Bank. The petition is complete. A....