BMW India Financial Services Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Koyenco Autos Pvt. Ltd. (Corporate Debtor) for resolution of a debt. The Adjudicating Authority admitted the application, leading to this appeal by members of the suspended board of directors of Koyenco Autos Pvt. Ltd.
BMW India Financial Services Pvt. Ltd. granted four financial facilities to Koyenco Autos Pvt. Ltd. (Corporate Debtor).
The Financial Creditor filed an application for initiation of CIRP of the Corporate Debtor due to failure to repay the overdue amount.
The Adjudicating Authority admitted the application under Section 7 of the Code, imposed moratorium, and appointed IRP.
The Appellant argued that they were added as a Co-borrower but never disbursed any loan amount.
An addendum agreement was executed wherein the Appellant took over all rights and liabilities along with the Co-borrower.
The Corporate Debtor passed a board resolution consenting to assume the liability.
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Date of the Impugned Order passed by the…
Date on which BMW India Financial Services…
BMW India Financial Services Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Koyenco Autos Pvt. Ltd. (Corporate Debtor) for resolution of a debt. The Adjudicating Authority admitted the application, leading to this appeal by members of the suspended board of directors of Koyenco Autos Pvt. Ltd.
BMW India Financial Services Pvt. Ltd. granted four financial facilities to Koyenco Autos Pvt. Ltd. (Corporate Debtor).
The Financial Creditor filed an application for initiation of CIRP of the Corporate Debtor due to failure to repay the overdue amount.
The Adjudicating Authority admitted the application under Section 7 of the Code, imposed moratorium, and appointed IRP.
The Appellant argued that they were added as a Co-borrower but never disbursed any loan amount.
An addendum agreement was executed wherein the Appellant took over all rights and liabilities along with the Co-borrower.
The Corporate Debtor passed a board resolution consenting to assume the liability.
Date of the Impugned Order passed by the…
Date on which BMW India Financial Services…