IN RE Vs. F M HAMMERLE TEXTILES LIMITED

JUDGEMENT

(1.) Mr. G.P. Madaan and Mr. Ishaan Madaan, Advocates for Applicant/Corporate Debtor with Mr. Parvinder Singh Director of applicant- company and Mr.Sushil Sharma, Authorised Representative in person. Mr. Mohan Lal Jain, proposed Insolvency Resolution Professional In person.

(2.) Learned counsel for the Applicant/Corporate Debtor, inter alia, contends that urgency to file the petition during the vacation is because of the recent letter dated 02.06.2017 sent by the Bank Annexure-24 (colly) attached with CA No.74 of 2017 stating that the Corporate Debtor/Applicant has failed to restructure the loan at four different times. Now the Bank has cautioned the Corporate Debtor to initiate legal action against its promoters/guarantors for recovery of the bank dues which would have adverse impact on the accounts of the parent company.

(3.) The learned counsel submits that the parent company holds about 82% of the shareholding in the Corporate Debtor.