Case Details
- Case Name: Union Bank of India vs Ashoka Multiyarn Mills Ltd
- Court/Authority: National Company Law Tribunal, Jaipur Bench
- Case Number: IB No. 400/ND/2017
- IA Number: IA (dis.) No. 07/JPR/2025
- Date of Order: May 25, 2026
- Legal Framework: Application under Section 7 of the Insolvency and Bankruptcy Code, 2016
Parties Involved
- Financial Creditor/Applicant: Union Bank of India
- Corporate Debtor/Respondent: Ashoka Multiyarn Mills Ltd
- Liquidator's Representatives: Utsav Mukherjee (Advocate), Saksham Ahuja (Advocate), Bhaskar (Advocate)
- Bench: Hon'ble Ms. Reeta Kohli (Judicial Member), Hon'ble Ms. Kavita Bhatnagar (Technical Member)
Issues / Allegations / Violations
This is an insolvency proceeding initiated by Union Bank of India against Ashoka Multiyarn Mills Ltd under Section 7 of the IBC, 2016. The specific nature of the financial debt or default is not detailed in this particular order, which focuses on procedural adjournment.
Findings & Observations
The Tribunal noted the Liquidator's request for adjournment based on the submission that the account closure certificate has been filed but is currently under scrutiny.
Penalties / Settlements / Directions
No penalties or settlements are addressed in this order. The primary direction is procedural adjournment.
Corrective Actions & Future Obligations
The Liquidator must complete the scrutiny process of the account closure certificate. No specific corrective actions are mentioned in this interim order.
Final Ruling & Enforcement
The Tribunal adjourned the matter to June 16, 2026, pending completion of scrutiny of the account closure certificate. The case remains ongoing under the insolvency resolution process.