The appeal was filed by Intec Capital Ltd, a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI), under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 05.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench Court No.1 in I.A No.340 of 2020 in CP(IB) No. 561/7/NCLT/AHM/2018. The case involves corporate guarantees given by Vrundavan Ceramic Pvt. Ltd. for loan facilities availed by Umiya Ceramic Pvt. Ltd. and Gokul Ceramic Pvt. Ltd. from Intec Capital Ltd.
Intec Capital Ltd., an NBFC, sanctioned two loan facilities to Umiya Ceramic Pvt. Ltd. and one loan facility to Gokul Ceramic Pvt. Ltd. Vrundavan Ceramic Pvt. Ltd. acted as a corporate guarantor for these loans. The loan amounts involved were Rs. 3,36,23,730/- for Umiya Ceramic and Rs. 1,88,76,480/- for Gokul Ceramic. Loan agreements and deeds of guarantee were executed. The corporate debtor guaranteed that in the event of demand raised by the Appellant, the CD/Respondent shall discharge the dues without demur, reservation, contest or protest within seven days from the demand. The borrowers defaulted, leading to the issuance of 'Loan Recall Notice cum Arbitration notices' on 07.03.2015. Arbitration was initiated, and awards were passed in favor of the Appellant. The
…Sign in to view the parties.
Two loan facilities were sanctioned to 'Umiya…
One loan facility was…
The appeal was filed by Intec Capital Ltd, a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI), under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 05.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench Court No.1 in I.A No.340 of 2020 in CP(IB) No. 561/7/NCLT/AHM/2018. The case involves corporate guarantees given by Vrundavan Ceramic Pvt. Ltd. for loan facilities availed by Umiya Ceramic Pvt. Ltd. and Gokul Ceramic Pvt. Ltd. from Intec Capital Ltd.
Intec Capital Ltd., an NBFC, sanctioned two loan facilities to Umiya Ceramic Pvt. Ltd. and one loan facility to Gokul Ceramic Pvt. Ltd. Vrundavan Ceramic Pvt. Ltd. acted as a corporate guarantor for these loans. The loan amounts involved were Rs. 3,36,23,730/- for Umiya Ceramic and Rs. 1,88,76,480/- for Gokul Ceramic. Loan agreements and deeds of guarantee were executed. The corporate debtor guaranteed that in the event of demand raised by the Appellant, the CD/Respondent shall discharge the dues without demur, reservation, contest or protest within seven days from the demand. The borrowers defaulted, leading to the issuance of 'Loan Recall Notice cum Arbitration notices' on 07.03.2015. Arbitration was initiated, and awards were passed in favor of the Appellant. The
…Two loan facilities were sanctioned to 'Umiya…
One loan facility was…