The case involves an appeal against the order dated 16th July, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, which admitted a Section 7 application filed by the 1st Respondent/Applicant/Financial Creditor against the Corporate Debtor, Sovereign Developers and Infrastructure Ltd. The appellant, Deepakk Kumar, Director of the Corporate Debtor, challenged the validity, correctness, and legality of the impugned order, arguing that the Adjudicating Authority overlooked the hardships faced by the Appellant and that the application was barred by limitation. The Karnataka Bank Ltd., the original lender, had granted a loan to the Corporate Debtor, which later became a Non-Performing Asset (NPA). The bank assigned the debt to
…Sovereign Developers and Infrastructure Ltd. (SDIL), the Corporate Debtor, commenced construction of the 'Sovereign Unnathi' project in May 2010. Karnataka Bank granted SDIL a term loan of Rs. 25 crores, to be repaid in installments from November 2012 to May 2014. SDIL defaulted, and its account was classified as a Non-Performing Asset (NPA) on 16.08.2013. Karnataka Bank issued a demand notice on 17.02.2014, seeking repayment of Rs. 19,32,25,988.22. On 29.03.2016, Karnataka Bank assigned the debt to Phoenix ARC Private Limited. SDIL obtained an additional Rs. 5 crores from Phoenix ARC on 09.06.2016, with personal guarantees provided. SDIL failed to repay the outstanding sum of Rs. 35,33,34,286, leading Phoenix ARC to issue a recall notice on 24.08.2017. As of
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Sovereign Developers and Infrastructure Ltd.…
Karnataka Bank granted…
The case involves an appeal against the order dated 16th July, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, which admitted a Section 7 application filed by the 1st Respondent/Applicant/Financial Creditor against the Corporate Debtor, Sovereign Developers and Infrastructure Ltd. The appellant, Deepakk Kumar, Director of the Corporate Debtor, challenged the validity, correctness, and legality of the impugned order, arguing that the Adjudicating Authority overlooked the hardships faced by the Appellant and that the application was barred by limitation. The Karnataka Bank Ltd., the original lender, had granted a loan to the Corporate Debtor, which later became a Non-Performing Asset (NPA). The bank assigned the debt to
…Sovereign Developers and Infrastructure Ltd. (SDIL), the Corporate Debtor, commenced construction of the 'Sovereign Unnathi' project in May 2010. Karnataka Bank granted SDIL a term loan of Rs. 25 crores, to be repaid in installments from November 2012 to May 2014. SDIL defaulted, and its account was classified as a Non-Performing Asset (NPA) on 16.08.2013. Karnataka Bank issued a demand notice on 17.02.2014, seeking repayment of Rs. 19,32,25,988.22. On 29.03.2016, Karnataka Bank assigned the debt to Phoenix ARC Private Limited. SDIL obtained an additional Rs. 5 crores from Phoenix ARC on 09.06.2016, with personal guarantees provided. SDIL failed to repay the outstanding sum of Rs. 35,33,34,286, leading Phoenix ARC to issue a recall notice on 24.08.2017. As of
…Sovereign Developers and Infrastructure Ltd.…
Karnataka Bank granted…