The appeal was filed by a Suspended Director of the Corporate Debtor challenging the order dated 30.01.2024 passed by the National Company Law Appellate Tribunal, New Delhi Bench (Court - II) admitting Section 7 Application filed by Indian Bank (Respondent No.1 herein). The Adjudicating Authority admitted Section 7 Application and appointed Shailesh Verma as RP. The Corporate Debtor obtained financial facilities through a Joint Consortium of Lenders, with Indian Bank sanctioning a Term Loan. Upon failure to abide by the terms, Indian Bank issued a legal notice and filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CD resisted the application, contending that a restructuring proposal was agreed upon, and the loan account was
…Agson Global Private Limited (Corporate Debtor) obtained financial facilities through a Joint Consortium of Lenders. Indian Bank, a member of the consortium, sanctioned a Term Loan. The Joint Consortium Agreement was executed on 25.10.2017. Indian Bank issued a Legal Notice dated 09.01.2023 to the CD due to failure to abide by the terms of sanction. A Demand Notice under Section 13(2) was issued on 25.04.2023, and an OA was filed before the Debt Recovery Tribunal. Indian Bank filed an Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) on 10.08.2023, claiming Rs.51,07,40,896/-. The CD resisted the application, arguing that a restructuring proposal was agreed upon in principle, and the loan account was being considered for transfer to NARCL.
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The appeal was filed by a Suspended Director of the Corporate Debtor challenging the order dated 30.01.2024 passed by the National Company Law Appellate Tribunal, New Delhi Bench (Court - II) admitting Section 7 Application filed by Indian Bank (Respondent No.1 herein). The Adjudicating Authority admitted Section 7 Application and appointed Shailesh Verma as RP. The Corporate Debtor obtained financial facilities through a Joint Consortium of Lenders, with Indian Bank sanctioning a Term Loan. Upon failure to abide by the terms, Indian Bank issued a legal notice and filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CD resisted the application, contending that a restructuring proposal was agreed upon, and the loan account was
…Agson Global Private Limited (Corporate Debtor) obtained financial facilities through a Joint Consortium of Lenders. Indian Bank, a member of the consortium, sanctioned a Term Loan. The Joint Consortium Agreement was executed on 25.10.2017. Indian Bank issued a Legal Notice dated 09.01.2023 to the CD due to failure to abide by the terms of sanction. A Demand Notice under Section 13(2) was issued on 25.04.2023, and an OA was filed before the Debt Recovery Tribunal. Indian Bank filed an Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) on 10.08.2023, claiming Rs.51,07,40,896/-. The CD resisted the application, arguing that a restructuring proposal was agreed upon in principle, and the loan account was being considered for transfer to NARCL.
…Execution of t…
Indian Bank issued a…
Sign in to view related legal provisions.