The case involves an appeal against an order dated 28th January 2020, passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, admitting a Company Petition (IB) No. 744/7/HDB/2018 under Section 7 of the Insolvency and Bankruptcy Code (IBC). The appellant, the Suspended Director of the Corporate Debtor, challenged the admission order. The Corporate Debtor had availed a financial loan from SBI for setting up a manufacturing unit but defaulted, leading to NPA classification. Subsequently, a One-Time Settlement (OTS) was entered into, and an Agreement of Sale was executed with the first respondent, involving land allotted by TSIIC. Disputes arose regarding NOC procurement and repayment, leading to the Section 7 application.
The Corporate Debtor was allotted industrial land by TSIIC to set up a bulk drug unit. They availed a loan of Rs. 21.50 Crores from SBI but defaulted, leading to NPA classification on 2012-11-30. A One-Time Settlement (OTS) agreement was entered into on 2017-11-30 for Rs. 11,73,22,501, stipulating a 20% deposit by 2017-12-12 and the balance within six months from 2017-11-13. The Corporate Debtor and the first Respondent entered into an Agreement of Sale on 2017-12-10, where the Corporate Debtor agreed to sell the land to the first Respondent, with the first Respondent paying the OTS amount. The first Respondent paid Rs. 2,34,65,000 on behalf of the Corporate Debtor to the Lender. The Corporate Debtor was to obtain necessary permissions, including an NOC from TSIIC.
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The case involves an appeal against an order dated 28th January 2020, passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, admitting a Company Petition (IB) No. 744/7/HDB/2018 under Section 7 of the Insolvency and Bankruptcy Code (IBC). The appellant, the Suspended Director of the Corporate Debtor, challenged the admission order. The Corporate Debtor had availed a financial loan from SBI for setting up a manufacturing unit but defaulted, leading to NPA classification. Subsequently, a One-Time Settlement (OTS) was entered into, and an Agreement of Sale was executed with the first respondent, involving land allotted by TSIIC. Disputes arose regarding NOC procurement and repayment, leading to the Section 7 application.
The Corporate Debtor was allotted industrial land by TSIIC to set up a bulk drug unit. They availed a loan of Rs. 21.50 Crores from SBI but defaulted, leading to NPA classification on 2012-11-30. A One-Time Settlement (OTS) agreement was entered into on 2017-11-30 for Rs. 11,73,22,501, stipulating a 20% deposit by 2017-12-12 and the balance within six months from 2017-11-13. The Corporate Debtor and the first Respondent entered into an Agreement of Sale on 2017-12-10, where the Corporate Debtor agreed to sell the land to the first Respondent, with the first Respondent paying the OTS amount. The first Respondent paid Rs. 2,34,65,000 on behalf of the Corporate Debtor to the Lender. The Corporate Debtor was to obtain necessary permissions, including an NOC from TSIIC.
…The loan account of the…
A One-Time Settlement (OTS) Agreement was…