K. Anantha Padmanabha Swamy, Member - (1.) Under Consideration is a Company Petition filed by ICICI Bank Limited (in short, 'Petitioner/Financial Creditor') against M/s. NSR Elkemet Private Limited (in short, 'Respondent/Corporate Debtor') under section 7 of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016') r/w Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, 'IB Rules 2016') on grounds of respondent's inability to repay the loan.
(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 is ICICI Bank Limited, a Banking company whereas the Respondent/Corporate Debtor is a Company registered under the Companies Act, 1956 and engaged in the business of manufacture buy, sell, import, deal in, assemble , distribute, fit, repair, convert overhaul, alter, maintain and improve all types of components, devices, equipments and appliances etc.;