This is an appeal against the order dated 28.03.2024 passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench-IV, admitting a Section 7 application filed by Aditya Birla Finance Limited (Respondent No. 1) against Narang Developers Private Limited (Corporate Debtor) under the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP). The appeal was preferred by the Ex-Director of the Corporate Debtor.
Aditya Birla Finance Limited sanctioned a loan facility of Rs 11.50 Cr to Narang Developers Pvt. Ltd (NDPL), Csango Industries Pvt. Ltd. and Pacific Link Exports Pvt. Ltd. NDPL was a Co-Borrower and an MSME entity. The loan was subject to terms and conditions in Sanction letters dated 19.09.2016 and 04.12.2018, a Facility Agreement dated 29.09.2016, and a Supplementary Facility Agreement dated 07.12.2018. An Indenture of Mortgage was executed on 17.10.2016 by NDPL in favor of Aditya Birla Finance Limited. Due to default in repayment, the loan accounts were classified as NPA on 16.06.2019. A Demand Notice was issued on 05.07.2019 under Section 13(2) of the SARFAESI Act. NDPL made payments of Rs 30 lakhs and Rs 70 lakhs and offered to clear outstanding dues of Rs 2.38 Cr
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This is an appeal against the order dated 28.03.2024 passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench-IV, admitting a Section 7 application filed by Aditya Birla Finance Limited (Respondent No. 1) against Narang Developers Private Limited (Corporate Debtor) under the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP). The appeal was preferred by the Ex-Director of the Corporate Debtor.
Aditya Birla Finance Limited sanctioned a loan facility of Rs 11.50 Cr to Narang Developers Pvt. Ltd (NDPL), Csango Industries Pvt. Ltd. and Pacific Link Exports Pvt. Ltd. NDPL was a Co-Borrower and an MSME entity. The loan was subject to terms and conditions in Sanction letters dated 19.09.2016 and 04.12.2018, a Facility Agreement dated 29.09.2016, and a Supplementary Facility Agreement dated 07.12.2018. An Indenture of Mortgage was executed on 17.10.2016 by NDPL in favor of Aditya Birla Finance Limited. Due to default in repayment, the loan accounts were classified as NPA on 16.06.2019. A Demand Notice was issued on 05.07.2019 under Section 13(2) of the SARFAESI Act. NDPL made payments of Rs 30 lakhs and Rs 70 lakhs and offered to clear outstanding dues of Rs 2.38 Cr
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Date of the S…