Deepak Vegpro Pvt. Ltd., as a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Shree Hari Agro Industries Ltd., the corporate debtor, claiming a debt of Rs. 412.52 crores. The NCLT, Kolkata, dismissed the application. The appellant, Deepak Vegpro, obtained a term loan of Rs. 4.50 crores from IDBI in 1996, to be repaid in quarterly installments with 21% interest. The respondent defaulted, and IDBI initiated recovery proceedings. IDBI assigned the loan to SASF, which then assigned it to the appellant in 2007. The appellant claimed the respondent admitted liability in balance sheets from 1998 to the date of filing the Section 7 application. The appellant's Section 7 application was rejected on grounds of being
…Deepak Vegpro Pvt. Ltd. (Appellant) filed a Section 7 application under the IBC against Shree Hari Agro Industries Ltd. (Respondent/Corporate Debtor) for a debt of Rs. 412.52 crores. The debt originated from a term loan of Rs. 4.50 crores taken by the Respondent from IDBI in 1996, with a 21% interest rate, to be repaid in quarterly installments. The Respondent defaulted, leading IDBI to initiate recovery proceedings. IDBI assigned the loan to SASF, which later assigned it to the Appellant in 2007 for Rs. 2.50 crores. The Appellant claimed the Respondent admitted the debt in its balance sheets from 1998 to 2018. The NCLT dismissed the Section 7 application, citing it as time-barred and noting discrepancies in the debt amount. The Appellant argued that the balance sheet
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Deepak Vegpro Pvt. Ltd., as a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Shree Hari Agro Industries Ltd., the corporate debtor, claiming a debt of Rs. 412.52 crores. The NCLT, Kolkata, dismissed the application. The appellant, Deepak Vegpro, obtained a term loan of Rs. 4.50 crores from IDBI in 1996, to be repaid in quarterly installments with 21% interest. The respondent defaulted, and IDBI initiated recovery proceedings. IDBI assigned the loan to SASF, which then assigned it to the appellant in 2007. The appellant claimed the respondent admitted liability in balance sheets from 1998 to the date of filing the Section 7 application. The appellant's Section 7 application was rejected on grounds of being
…Deepak Vegpro Pvt. Ltd. (Appellant) filed a Section 7 application under the IBC against Shree Hari Agro Industries Ltd. (Respondent/Corporate Debtor) for a debt of Rs. 412.52 crores. The debt originated from a term loan of Rs. 4.50 crores taken by the Respondent from IDBI in 1996, with a 21% interest rate, to be repaid in quarterly installments. The Respondent defaulted, leading IDBI to initiate recovery proceedings. IDBI assigned the loan to SASF, which later assigned it to the Appellant in 2007 for Rs. 2.50 crores. The Appellant claimed the Respondent admitted the debt in its balance sheets from 1998 to 2018. The NCLT dismissed the Section 7 application, citing it as time-barred and noting discrepancies in the debt amount. The Appellant argued that the balance sheet
…IDBI grants a term loan…
The first installment…