This is an appeal against the order dated 17.09.2021 passed by the National Company Law Tribunal, Mumbai Bench, Court – III, in C.P. No.- 4182/IBC/MB/2018, which admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Union Bank of India (Financial Creditor) against Indian Transformers Co. Ltd. (Corporate Debtor). The Shareholder of the Corporate Debtor filed this appeal, challenging the admission of the Section 7 application.
Haridas Gautamkumar Dave, the suspended director of Indian Transformers Co. Ltd. (Corporate Debtor), appealed against the order of the National Company Law Tribunal (NCLT), Mumbai, which admitted a Section 7 application filed by Union Bank of India (Financial Creditor) under the Insolvency and Bankruptcy Code (IBC). The loan facilities availed by the Corporate Debtor were originally declared as NPA in 2011, subsequently restructured, and fresh documents were obtained in 2013. The accounts were declared as NPA on 31.03.2013. The Financial Creditor annexed two debit balance confirmations dated 14.07.2015. The Corporate Debtor paid Rs. 50,000 on 13.10.2017 and raised objections to the possession notice issued by the Financial Creditor under the SARFAESI Act. The Corporate
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Loan facilities availed…
Loan facilities were restructured, and fresh…
This is an appeal against the order dated 17.09.2021 passed by the National Company Law Tribunal, Mumbai Bench, Court – III, in C.P. No.- 4182/IBC/MB/2018, which admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Union Bank of India (Financial Creditor) against Indian Transformers Co. Ltd. (Corporate Debtor). The Shareholder of the Corporate Debtor filed this appeal, challenging the admission of the Section 7 application.
Haridas Gautamkumar Dave, the suspended director of Indian Transformers Co. Ltd. (Corporate Debtor), appealed against the order of the National Company Law Tribunal (NCLT), Mumbai, which admitted a Section 7 application filed by Union Bank of India (Financial Creditor) under the Insolvency and Bankruptcy Code (IBC). The loan facilities availed by the Corporate Debtor were originally declared as NPA in 2011, subsequently restructured, and fresh documents were obtained in 2013. The accounts were declared as NPA on 31.03.2013. The Financial Creditor annexed two debit balance confirmations dated 14.07.2015. The Corporate Debtor paid Rs. 50,000 on 13.10.2017 and raised objections to the possession notice issued by the Financial Creditor under the SARFAESI Act. The Corporate
…Loan facilities availed…
Loan facilities were restructured, and fresh…