The appeal was filed under Section 61(1) of the Insolvency and Bankruptcy Code, 2016, against the order dated 10.03.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in I.A. No. 246 of 2020 in C.P. (IB) No. 441/NCLT/AHM/2019. The Appellant had filed an application under Section 60(5)(c) of the IBC seeking directions to the Resolution Professional to restore the claim as per the arbitration award and to provide details, documents, and information. The Adjudicating Authority dismissed the Appellant's application. The Corporate Debtor had availed loan facilities from the Appellant, who sanctioned three loans on 22.05.2012. The terms of the sanction letters included a clause on collateral security. The Corporate Debtor defaulted,
…Intec Capital Limited (Appellant and Financial Creditor) sanctioned three loans to Manish Kumar Bhagat (Respondent and Corporate Debtor) on 22.05.2012. The sanction letters included a clause (Clause 11) dealing with collateral security. The Corporate Debtor defaulted on repayments, leading to Arbitration/Loan Recall Notices issued on 23rd May, 2015. Arbitration was initiated as per Clause 32 of the loan agreements. An arbitration award was passed in favor of the Appellant on 04.04.2016. The Appellant issued a Section 13(2) notice under the SARFAESI Act on 15.02.2019 seeking recovery of Rs. 3,50,46,561/-. The Appellant filed C.P. (IB) No. 148 of 2019 under Section 9 of the IBC, but withdrew it after another creditor's application was allowed on 30.09.2019, admitting the
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The appeal was filed under Section 61(1) of the Insolvency and Bankruptcy Code, 2016, against the order dated 10.03.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in I.A. No. 246 of 2020 in C.P. (IB) No. 441/NCLT/AHM/2019. The Appellant had filed an application under Section 60(5)(c) of the IBC seeking directions to the Resolution Professional to restore the claim as per the arbitration award and to provide details, documents, and information. The Adjudicating Authority dismissed the Appellant's application. The Corporate Debtor had availed loan facilities from the Appellant, who sanctioned three loans on 22.05.2012. The terms of the sanction letters included a clause on collateral security. The Corporate Debtor defaulted,
…Intec Capital Limited (Appellant and Financial Creditor) sanctioned three loans to Manish Kumar Bhagat (Respondent and Corporate Debtor) on 22.05.2012. The sanction letters included a clause (Clause 11) dealing with collateral security. The Corporate Debtor defaulted on repayments, leading to Arbitration/Loan Recall Notices issued on 23rd May, 2015. Arbitration was initiated as per Clause 32 of the loan agreements. An arbitration award was passed in favor of the Appellant on 04.04.2016. The Appellant issued a Section 13(2) notice under the SARFAESI Act on 15.02.2019 seeking recovery of Rs. 3,50,46,561/-. The Appellant filed C.P. (IB) No. 148 of 2019 under Section 9 of the IBC, but withdrew it after another creditor's application was allowed on 30.09.2019, admitting the
…Appellant sanctioned…
Corporate Debtor…