The appeal was filed by a suspended director of the Corporate Debtor (Agson Global Private Limited) challenging the order dated 30.01.2024 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, which admitted Section 7 application filed by Indian Bank. The Indian Bank had sanctioned term loan of working capitals limit to the Corporate Debtor. Upon failure to abide by the terms of sanction, Indian Bank issued a legal notice and demand notice. Subsequently, Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), claiming total amount due. The Adjudicating Authority admitted Section 7 application and appointed Shailesh Verma as RP.
Agson Global Private Limited (Corporate Debtor) obtained financial facilities through a joint consortium of lenders. Indian Bank sanctioned a term loan of working capital. The Joint Consortium Agreement was executed on 2017-10-25. The Corporate Debtor failed to abide by the terms of sanction. Indian Bank issued a legal notice on 2023-01-09 and a demand notice under Section 13(2) on 2023-04-25. Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), claiming a total amount due of Rs. 51,07,40,896/- as of 2023-08-10. The Corporate Debtor resisted the application, contending that a meeting held on 2024-01-23 agreed in principle to transfer the account to NARCL. The Adjudicating Authority admitted the Section 7 application and
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The appeal was filed by a suspended director of the Corporate Debtor (Agson Global Private Limited) challenging the order dated 30.01.2024 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, which admitted Section 7 application filed by Indian Bank. The Indian Bank had sanctioned term loan of working capitals limit to the Corporate Debtor. Upon failure to abide by the terms of sanction, Indian Bank issued a legal notice and demand notice. Subsequently, Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), claiming total amount due. The Adjudicating Authority admitted Section 7 application and appointed Shailesh Verma as RP.
Agson Global Private Limited (Corporate Debtor) obtained financial facilities through a joint consortium of lenders. Indian Bank sanctioned a term loan of working capital. The Joint Consortium Agreement was executed on 2017-10-25. The Corporate Debtor failed to abide by the terms of sanction. Indian Bank issued a legal notice on 2023-01-09 and a demand notice under Section 13(2) on 2023-04-25. Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), claiming a total amount due of Rs. 51,07,40,896/- as of 2023-08-10. The Corporate Debtor resisted the application, contending that a meeting held on 2024-01-23 agreed in principle to transfer the account to NARCL. The Adjudicating Authority admitted the Section 7 application and
…Execution of t…
Indian Bank issued a…
Sign in to view related legal provisions.