The appeal was filed by B.S. Krishnan, Ex-Director of L.S.P. Agro Ltd. (Corporate Debtor), against the order dated 25.01.2020 passed by the Adjudicating Authority (National Company Law Tribunal) Special Bench, Chennai, which admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) filed by Stressed Assets Stabilization Fund (SASF), Respondent No. 1, and initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Adjudicating Authority admitted the application based on the premise that the debt was not time-barred, considering a Debt Recovery Tribunal (DRT) order for payment.
On 06.03.1998, Industrial Development Bank of India (IDBI) granted a term loan facility of Rs. 650 lakhs to L.S.P. Agro Ltd. (Corporate Debtor). This amount was disbursed between 21.03.1998 and 08.12.1999. On 09.06.2000, IDBI granted another loan facility of Rs. 425 lakhs, disbursed between 16.06.2000 and 28.09.2000, bringing the total loan amount to Rs. 10.50 Crores. The Corporate Debtor defaulted on repayments, leading IDBI to recall the loan facilities on 15.01.2002, demanding Rs. 110592701. The Corporate Debtor failed to comply. On 06.02.2002, IDBI filed O.A. No. 78 of 2002 before the Debt Recovery Tribunal-I Chennai (DRT). The O.A. was transferred to DRT-II and renumbered as O.A. No. 172 of 2007. The Central Government set up Stressed Assets Stabilization Funds
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Industrial Development Bank of India (IDBI)…
IDBI granted another…
The appeal was filed by B.S. Krishnan, Ex-Director of L.S.P. Agro Ltd. (Corporate Debtor), against the order dated 25.01.2020 passed by the Adjudicating Authority (National Company Law Tribunal) Special Bench, Chennai, which admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) filed by Stressed Assets Stabilization Fund (SASF), Respondent No. 1, and initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Adjudicating Authority admitted the application based on the premise that the debt was not time-barred, considering a Debt Recovery Tribunal (DRT) order for payment.
On 06.03.1998, Industrial Development Bank of India (IDBI) granted a term loan facility of Rs. 650 lakhs to L.S.P. Agro Ltd. (Corporate Debtor). This amount was disbursed between 21.03.1998 and 08.12.1999. On 09.06.2000, IDBI granted another loan facility of Rs. 425 lakhs, disbursed between 16.06.2000 and 28.09.2000, bringing the total loan amount to Rs. 10.50 Crores. The Corporate Debtor defaulted on repayments, leading IDBI to recall the loan facilities on 15.01.2002, demanding Rs. 110592701. The Corporate Debtor failed to comply. On 06.02.2002, IDBI filed O.A. No. 78 of 2002 before the Debt Recovery Tribunal-I Chennai (DRT). The O.A. was transferred to DRT-II and renumbered as O.A. No. 172 of 2007. The Central Government set up Stressed Assets Stabilization Funds
…Industrial Development Bank of India (IDBI)…
IDBI granted another…