NCLT Hyderabad Initiates Insolvency Course of Towards Gayatri Tasks Ltd., A Gayatri Group Firm

The Nationwide Firm Regulation Tribunal (“NCLT”), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, (Judicial Member) and Mr. Satya Ranjan Prasad (Technical Member), whereas adjudicating in a petition filed in State Financial institution of India v M/s Gayatri Tasks Restricted, has initiated Company Insolvency Decision Course of (CIRP) in opposition to Gayatri Tasks Ltd., which is part of…

The Nationwide Firm Regulation Tribunal (“NCLT”), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, (Judicial Member) and Mr. Satya Ranjan Prasad (Technical Member), whereas adjudicating in a petition filed in State Financial institution of India v M/s Gayatri Tasks Restricted, has initiated Company Insolvency Decision Course of (CIRP) in opposition to Gayatri Tasks Ltd., which is part of the Gayatri Group. Mr. Sai Ramesh Kanuparthi has been appointed because the Interim Decision Skilled (IRP).

Background Information

Gayatri Tasks Ltd. (“Company Debtor”) is the flagship firm of the Gayatri Group that has pursuits in infrastructure, energy, hospitality, actual property and trade. The Company Debtor is engaged within the development of main Civil Works together with Concrete/Masonry Dams, Earth Filling Dams, Nationwide Highways, Bridges, Canals, Aqueducts, Ports, and so forth. throughout India.

The State Financial institution of India (“Monetary Creditor”) had offered varied Time period Loans, Quick Time period Loans, Tools Loans, Demand Mortgage, ECB Mortgage and dealing capital services, each fund primarily based and non-fund primarily based, to the Company Debtor. The account of the Company Debtor was categorized as Non Performing Asset on 30.04.2022. Subsequently, an quantity of Rs. 242,33,00,269/- grew to become due and payable to the Monetary Creditor by the Company Debtor on 30.09.2022.

The Monetary Creditor filed a petition underneath Part 7 of the Insolvency and Chapter Code, 2016 (“IBC”), looking for initiation of Company Insolvency Decision Course of (“CIRP”) in opposition to the Company Debtor, over a default of Rs. 242,33,00,269/-. The Adjudicating Authority issued discover to the Company Debtor and the identical was duly delivered. Nevertheless, the Company Debtor didn’t enter look. Due to this fact, holding service to be enough, the Adjudicating Authority set the Company Debtor Ex-Parte on 04.11.2022.

Resolution Of NCLT

The Bench noticed that the Company Debtor had not made out any floor in opposition to admission of the Part 7 petition. Additional, Part 7(3) of IBC was complied with by the Monetary Creditor. There was a debt and default in existence and the petition was full in all respects.

The Bench admitted the petition underneath Part 7 and initiated CIRP in opposition to the Company Debtor. Mr. Sai Ramesh Kanuparthi has been appointed because the Interim Decision Skilled (IRP).

Case Title: State Financial institution of India v M/s Gayatri Tasks Restricted

Case No.: CP(IB) No. 308/07/HDB/2022

Counsel For the Monetary Creditor: Mr. P. Ravi Charan and Ms. Niharika Agarwal, Advocates

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