The appeal was filed against the order dated 08.09.2023 passed by the Adjudicating Authority, which admitted the Section 7 application filed by Axis Bank.
Axis Bank filed an application under Section 7 against the Corporate Debtor claiming debt and default of Rs. 16,95,95,909 as on 16.03.2023.
The Corporate Debtor filed a reply opposing the Section 7 application.
The Adjudicating Authority admitted the Section 7 application.
The Appellant was directed to deposit Rs. 10,49,26,262, which was noticed by the court on 15.09.2023, but the Appellant did not deposit the amount.
The financial creditor sanctioned a loan of Rs. 24.90 Cr, but disbursement was only of Rs. 12.50 Cr. as on 31.03.2017.
The Corporate Debtor submitted documents pertaining to property by letter dated 29.03.2017, but Axis Bank informed that original documents are not with the Bank.
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Order passed by the Adjudicating Authority…
Court noticed that the…
The appeal was filed against the order dated 08.09.2023 passed by the Adjudicating Authority, which admitted the Section 7 application filed by Axis Bank.
Axis Bank filed an application under Section 7 against the Corporate Debtor claiming debt and default of Rs. 16,95,95,909 as on 16.03.2023.
The Corporate Debtor filed a reply opposing the Section 7 application.
The Adjudicating Authority admitted the Section 7 application.
The Appellant was directed to deposit Rs. 10,49,26,262, which was noticed by the court on 15.09.2023, but the Appellant did not deposit the amount.
The financial creditor sanctioned a loan of Rs. 24.90 Cr, but disbursement was only of Rs. 12.50 Cr. as on 31.03.2017.
The Corporate Debtor submitted documents pertaining to property by letter dated 29.03.2017, but Axis Bank informed that original documents are not with the Bank.
…Order passed by the Adjudicating Authority…
Court noticed that the…