The case involves an appeal against an order dated 26th November 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which initiated the Corporate Insolvency Resolution Process (CIRP) against RNA Corp. Pvt. Ltd. The appellant, Anubhav Anilkumar Agarwal, challenged the order primarily on the grounds that the application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) was barred by limitation and that Bank of India had already moved a second application under Section 7 for the same claim against Chamber Constructions Pvt. Ltd., the guarantor.
Bank of India granted a Corporate Term Loan of Rs.75,00,00,000/- to RNA Corp. Pvt. Ltd. ('Corporate Debtor') vide Sanction Letter dated 24/10/2013. The amount was disbursed to the Corporate Debtor. A Deed of Guarantee was entered into dated 29th October, 2013 and 9th December, 2013. Registered mortgage deeds were also executed on 29th October 2013, 10th December 2013 and 16th December 2013. The Corporate Debtor was declared a Non-Performing Asset (NPA) on 31st December, 2014. The principal outstanding amount as on 10/02/2019 was Rs.40,58,23,360.83/-, with interest of Rs.34,81,43,071.74/-, penal interest of Rs.5,30,37,157.27/-, and other legal expenses of Rs.3,72,775.00/-, totaling Rs.80,73,76,364.84/-. The Corporate Debtor, in a letter dated 18th March 2016,
…Sign in to view the parties.
Bank of India granted a…
Deed of Gua…
The case involves an appeal against an order dated 26th November 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which initiated the Corporate Insolvency Resolution Process (CIRP) against RNA Corp. Pvt. Ltd. The appellant, Anubhav Anilkumar Agarwal, challenged the order primarily on the grounds that the application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) was barred by limitation and that Bank of India had already moved a second application under Section 7 for the same claim against Chamber Constructions Pvt. Ltd., the guarantor.
Bank of India granted a Corporate Term Loan of Rs.75,00,00,000/- to RNA Corp. Pvt. Ltd. ('Corporate Debtor') vide Sanction Letter dated 24/10/2013. The amount was disbursed to the Corporate Debtor. A Deed of Guarantee was entered into dated 29th October, 2013 and 9th December, 2013. Registered mortgage deeds were also executed on 29th October 2013, 10th December 2013 and 16th December 2013. The Corporate Debtor was declared a Non-Performing Asset (NPA) on 31st December, 2014. The principal outstanding amount as on 10/02/2019 was Rs.40,58,23,360.83/-, with interest of Rs.34,81,43,071.74/-, penal interest of Rs.5,30,37,157.27/-, and other legal expenses of Rs.3,72,775.00/-, totaling Rs.80,73,76,364.84/-. The Corporate Debtor, in a letter dated 18th March 2016,
…Bank of India granted a…
Deed of Gua…