This case involves an appeal against the order dated 07.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-V, which admitted an application filed by the Financial Creditor (Indian Delco Private Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against the Appellant Company (SN Jee Build Well Private Limited). The appeal was filed by Avneesh Kumar Singh, the Suspended Director of the Appellant Company.
In 2013, Indian Delco Private Limited extended a loan facility of INR 5,50,00,000 to SN Jee Build Well Pvt. Ltd. (Corporate Debtor) under a loan agreement dated 02.08.2013. INR 3,59,24,490 was disbursed to the Corporate Debtor. The loan agreement stipulated a 12% per annum interest rate. The Corporate Debtor made a repayment of INR 15,75,510 towards the principal on 17.12.2014 and paid INR 61,24,769 towards interest until 19.01.2016, after which payments ceased. On 01.04.2019, the Corporate Debtor confirmed an outstanding balance of INR 5,42,67,796. Indian Delco Private Limited issued a legal notice on 25.10.2019 demanding the unpaid amount, but received no reply or payment. The Appellant acknowledged the debt by countersigning the audited balance sheet for the
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Indian Delco Private Limited extended a loan…
Loan Agreeme…
This case involves an appeal against the order dated 07.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-V, which admitted an application filed by the Financial Creditor (Indian Delco Private Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against the Appellant Company (SN Jee Build Well Private Limited). The appeal was filed by Avneesh Kumar Singh, the Suspended Director of the Appellant Company.
In 2013, Indian Delco Private Limited extended a loan facility of INR 5,50,00,000 to SN Jee Build Well Pvt. Ltd. (Corporate Debtor) under a loan agreement dated 02.08.2013. INR 3,59,24,490 was disbursed to the Corporate Debtor. The loan agreement stipulated a 12% per annum interest rate. The Corporate Debtor made a repayment of INR 15,75,510 towards the principal on 17.12.2014 and paid INR 61,24,769 towards interest until 19.01.2016, after which payments ceased. On 01.04.2019, the Corporate Debtor confirmed an outstanding balance of INR 5,42,67,796. Indian Delco Private Limited issued a legal notice on 25.10.2019 demanding the unpaid amount, but received no reply or payment. The Appellant acknowledged the debt by countersigning the audited balance sheet for the
…Indian Delco Private Limited extended a loan…
Loan Agreeme…