This case involves an appeal against an order dated 16.05.2024 passed by the Adjudicating Authority, National Company Law Tribunal, Guwahati Bench, which dismissed a Section 7 application filed by IL&FS Financial Services Limited (Financial Creditor) against Adhunik Meghalaya Steels Private Limited (Corporate Debtor) on the grounds of being time-barred. The loan agreement was executed on 27.02.2015, and the account was declared NPA on 01.03.2018. The Financial Creditor filed a Section 7 application on 15.01.2024.
On 27.02.2015, IL&FS Financial Services Ltd. (Financial Creditor) and Adhunik Meghalaya Steels Pvt. Ltd. (Corporate Debtor) entered into a Loan Agreement for Rs 30 Cr, of which Rs 24.44 Cr was disbursed on 17.03.2015. The loan was secured by the pledge of 8,10,804 shares of Adhunik Metals Ltd. The Corporate Debtor failed to repay the debt, leading the Financial Creditor to declare the account as NPA on 01.03.2018. A notice of default was issued on 10.07.2018, followed by a Recall Notice on 10.08.2018. The Financial Creditor filed a Section 7 application on 15.01.2024, claiming Rs 55.45 Cr. The Adjudicating Authority rejected the application as time-barred. The Corporate Debtor's balance sheet for FY 2019-20, signed on 12.08.2020 and uploaded on MCA on 14.02.2021,
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IL&FS Financial Services Ltd. and Adhunik…
Rs 24.44 Cr was…
This case involves an appeal against an order dated 16.05.2024 passed by the Adjudicating Authority, National Company Law Tribunal, Guwahati Bench, which dismissed a Section 7 application filed by IL&FS Financial Services Limited (Financial Creditor) against Adhunik Meghalaya Steels Private Limited (Corporate Debtor) on the grounds of being time-barred. The loan agreement was executed on 27.02.2015, and the account was declared NPA on 01.03.2018. The Financial Creditor filed a Section 7 application on 15.01.2024.
On 27.02.2015, IL&FS Financial Services Ltd. (Financial Creditor) and Adhunik Meghalaya Steels Pvt. Ltd. (Corporate Debtor) entered into a Loan Agreement for Rs 30 Cr, of which Rs 24.44 Cr was disbursed on 17.03.2015. The loan was secured by the pledge of 8,10,804 shares of Adhunik Metals Ltd. The Corporate Debtor failed to repay the debt, leading the Financial Creditor to declare the account as NPA on 01.03.2018. A notice of default was issued on 10.07.2018, followed by a Recall Notice on 10.08.2018. The Financial Creditor filed a Section 7 application on 15.01.2024, claiming Rs 55.45 Cr. The Adjudicating Authority rejected the application as time-barred. The Corporate Debtor's balance sheet for FY 2019-20, signed on 12.08.2020 and uploaded on MCA on 14.02.2021,
…IL&FS Financial Services Ltd. and Adhunik…
Rs 24.44 Cr was…