The case involves two appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, rejecting applications filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Appellant, IFCI Limited, filed petitions for initiation of Corporate Insolvency Resolution Process against M/s. Golf Technologies Pvt. Ltd. and M/s. Cedar Infonet Pvt. Ltd., both related to financial debts. The Adjudicating Authority rejected the applications, leading to the appeals before the NCLAT.
IFCI Limited filed applications under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s. Golf Technologies Private Limited and M/s. Cedar Infonet Pvt. Ltd. The applications were rejected by the Adjudicating Authority. IFCI Limited had granted loans to M/s. Cedar Infonet Private Limited, which failed to repay the financial debt of Rs.12,24,62,314. M/s. Golf Technologies Pvt. Ltd. had executed a registered deed of mortgage incorporating covenants of guarantee dated 19th October, 2012 to secure the repayment of loan and advances aggregating to Rs.150 Crores granted by IFCI Limited to M/s. Cedar Infonet Private Limited. The Adjudicating Authority rejected the application under Section 7 against M/s. Cedar
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The case involves two appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, rejecting applications filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Appellant, IFCI Limited, filed petitions for initiation of Corporate Insolvency Resolution Process against M/s. Golf Technologies Pvt. Ltd. and M/s. Cedar Infonet Pvt. Ltd., both related to financial debts. The Adjudicating Authority rejected the applications, leading to the appeals before the NCLAT.
IFCI Limited filed applications under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s. Golf Technologies Private Limited and M/s. Cedar Infonet Pvt. Ltd. The applications were rejected by the Adjudicating Authority. IFCI Limited had granted loans to M/s. Cedar Infonet Private Limited, which failed to repay the financial debt of Rs.12,24,62,314. M/s. Golf Technologies Pvt. Ltd. had executed a registered deed of mortgage incorporating covenants of guarantee dated 19th October, 2012 to secure the repayment of loan and advances aggregating to Rs.150 Crores granted by IFCI Limited to M/s. Cedar Infonet Private Limited. The Adjudicating Authority rejected the application under Section 7 against M/s. Cedar
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