The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi Bench, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, who is the director of the corporate debtor, M/s. Noida Medicate Centre Ltd., contested the admission of the application filed by the respondent, Suraksha Asset Reconstruction Limited, the financial creditor. The financial creditor claimed that the corporate debtor had defaulted on credit facilities obtained from Kotak Mahindra Bank, leading to the account becoming a Non-Performing Asset (NPA).
Dr. Naveen Chaudhari, the appellant, is the director of the corporate debtor, M/s. Noida Medicate Centre Ltd. Suraksha Asset Reconstruction Limited, the respondent, is the financial creditor. The corporate debtor obtained credit facilities from Kotak Mahindra Bank, and the account became an NPA on June 30, 2016. Kotak Mahindra Bank assigned its debts of five accounts of the corporate debtor to the financial creditor via an Assignment Deed dated September 29, 2017. The financial creditor filed an application under Section 7 of the IBC, which was admitted by the NCLT. The appellant claims that a restructuring agreement was in place and that the corporate debtor paid Rs. 1.17 Crores against the outstanding dues and Rs. 33.50 Lakhs for processing fees. The financial
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The account b…
The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi Bench, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, who is the director of the corporate debtor, M/s. Noida Medicate Centre Ltd., contested the admission of the application filed by the respondent, Suraksha Asset Reconstruction Limited, the financial creditor. The financial creditor claimed that the corporate debtor had defaulted on credit facilities obtained from Kotak Mahindra Bank, leading to the account becoming a Non-Performing Asset (NPA).
Dr. Naveen Chaudhari, the appellant, is the director of the corporate debtor, M/s. Noida Medicate Centre Ltd. Suraksha Asset Reconstruction Limited, the respondent, is the financial creditor. The corporate debtor obtained credit facilities from Kotak Mahindra Bank, and the account became an NPA on June 30, 2016. Kotak Mahindra Bank assigned its debts of five accounts of the corporate debtor to the financial creditor via an Assignment Deed dated September 29, 2017. The financial creditor filed an application under Section 7 of the IBC, which was admitted by the NCLT. The appellant claims that a restructuring agreement was in place and that the corporate debtor paid Rs. 1.17 Crores against the outstanding dues and Rs. 33.50 Lakhs for processing fees. The financial
…Loan was take…
The account b…