The appeal was filed against the order passed by the Adjudicating Authority (NCLT) Hyderabad Bench in CP (IB) No.26/7/HDB/2018. The 1st Appellant is the Shareholder of the Corporate Debtor, and the 2nd Appellant is the Director of the Corporate Debtor. The Adjudicating Authority admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, based on a default in a term loan agreement with IFCI Ltd. The Enforcement Directorate (ED) had attached 150 acres of the project land, and TSIIC issued a notice for cancellation of the land allotment and resumption of SEZ on 24.09.2015, bringing the project to a standstill.
M/s. Gradient Nirman Private Limited, represented by Mr. G. Inna Reddy, filed an appeal against the order of the NCLT Hyderabad Bench in CP (IB) No.26/7/HDB/2018. The NCLT had admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by IFCI Ltd. The Corporate Debtor, a Special Purpose Vehicle, had been sanctioned a term loan of Rs.60,00,00,000/- by IFCI Ltd., out of which Rs.9,90,00,000/- was disbursed by 21.05.2009. The balance loan of Rs.50,10,00,000/- was cancelled on 31.03.2011 due to non-payment of installments. The project could not be completed because in 2011, the ED attached 150 acres of the project land, and TSIIC issued a notice for cancellation of the land allotment and resumption of SEZ on 24.09.2015. The Appellant argued
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Order passed by the…
Rs.9,90,00,00…
The appeal was filed against the order passed by the Adjudicating Authority (NCLT) Hyderabad Bench in CP (IB) No.26/7/HDB/2018. The 1st Appellant is the Shareholder of the Corporate Debtor, and the 2nd Appellant is the Director of the Corporate Debtor. The Adjudicating Authority admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, based on a default in a term loan agreement with IFCI Ltd. The Enforcement Directorate (ED) had attached 150 acres of the project land, and TSIIC issued a notice for cancellation of the land allotment and resumption of SEZ on 24.09.2015, bringing the project to a standstill.
M/s. Gradient Nirman Private Limited, represented by Mr. G. Inna Reddy, filed an appeal against the order of the NCLT Hyderabad Bench in CP (IB) No.26/7/HDB/2018. The NCLT had admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by IFCI Ltd. The Corporate Debtor, a Special Purpose Vehicle, had been sanctioned a term loan of Rs.60,00,00,000/- by IFCI Ltd., out of which Rs.9,90,00,000/- was disbursed by 21.05.2009. The balance loan of Rs.50,10,00,000/- was cancelled on 31.03.2011 due to non-payment of installments. The project could not be completed because in 2011, the ED attached 150 acres of the project land, and TSIIC issued a notice for cancellation of the land allotment and resumption of SEZ on 24.09.2015. The Appellant argued
…Order passed by the…
Rs.9,90,00,00…