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ARTICLE · 24 JULY 2019

Vesuvius India Ltd. vs. Fenace Auto Ltd.

Khurana & Khurana, Advocates and IP Attorneys
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The existence of I&B Code has systemized the process of insolvency but in this process, there is no statement as to differentiation among the different creditors while repaying the debt.

IndiaInsolvency/Bankruptcy/Re-Structuring
Vidushi Trehan
Vidushi Trehan
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The existence of I&B Code has systemized the process of insolvency but in this process, there is no statement as to differentiation among the different creditors while repaying the debt. The recent tiff witnessed has been between the two companies "Vesuvius India Ltd." and "Fenace Auto Ltd."

FACTS OF THE CASE:

A company petition was filed in the National Company Law Tribunal (NCLT), New Delhi against Fenace Auto Ltd. u/s 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the IBC Rules, 2016 for the initiation of insolvency proceedings by Vesuvius India in the capacity of it being an Operational Creditor to the Company. The Applicant was represented by Khurana and Khurana Advocates and IP Attorneys. The Application was approved by the court which was followed by the initiation of the proceedings

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