The case involves an appeal against the order dated 12.01.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which rejected a Section 7 application filed under the Insolvency and Bankruptcy Code, 2016. The appellant, Adventz Finance Private Limited, had extended an Inter Corporate Deposit (ICD) to the corporate debtor, Jai Annanya Investments Private Limited. The corporate debtor defaulted on its repayment obligations, leading to the filing of the Section 7 application. The Adjudicating Authority rejected the application, leading to the current appeal before the NCLAT.
Adventz Finance Private Limited (the Appellant) extended an Inter Corporate Deposit (ICD) of Rs. 40 Crore to Jai Annanya Investments Private Limited (the Corporate Debtor). The Corporate Debtor requested the ICD on 14.05.2014, with an interest rate of 12.5% payable half-yearly. Adventz Investments and Holdings Ltd., which later merged with the Appellant, sanctioned the ICD. The Corporate Debtor repaid some amounts towards principal and interest. Due to defaults in servicing the interest and repayment obligations, a legal notice dated 04.01.2016 was issued to the Corporate Debtor. The Corporate Debtor replied on 03.02.2016, stating that the ICD was invested in various securities and the business was affected by SEBI directions. The Corporate Debtor acknowledged its
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Jai Annanya Investments Private Limited…
Adventz Investments and Holdings Ltd. merged…
The case involves an appeal against the order dated 12.01.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which rejected a Section 7 application filed under the Insolvency and Bankruptcy Code, 2016. The appellant, Adventz Finance Private Limited, had extended an Inter Corporate Deposit (ICD) to the corporate debtor, Jai Annanya Investments Private Limited. The corporate debtor defaulted on its repayment obligations, leading to the filing of the Section 7 application. The Adjudicating Authority rejected the application, leading to the current appeal before the NCLAT.
Adventz Finance Private Limited (the Appellant) extended an Inter Corporate Deposit (ICD) of Rs. 40 Crore to Jai Annanya Investments Private Limited (the Corporate Debtor). The Corporate Debtor requested the ICD on 14.05.2014, with an interest rate of 12.5% payable half-yearly. Adventz Investments and Holdings Ltd., which later merged with the Appellant, sanctioned the ICD. The Corporate Debtor repaid some amounts towards principal and interest. Due to defaults in servicing the interest and repayment obligations, a legal notice dated 04.01.2016 was issued to the Corporate Debtor. The Corporate Debtor replied on 03.02.2016, stating that the ICD was invested in various securities and the business was affected by SEBI directions. The Corporate Debtor acknowledged its
…Jai Annanya Investments Private Limited…
Adventz Investments and Holdings Ltd. merged…