This appeal was filed by a Suspended Director of the Corporate Debtor, challenging the order dated 10.11.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-IV, which admitted a Section 7 application filed by the State Bank of India. The Corporate Debtor, Advantage Overseas Pvt. Ltd., had been extended a financial facility by the State Bank of India, initially granted Rs.10 Crores on 15.03.2013. A Loan-cum-Hypothecation Agreement was executed on 23.03.2013. The Corporate Debtor defaulted, and the account was declared NPA on 08.08.2018. The State Bank of India filed an application under Section 7 on 13.03.2023, claiming Rs.2730,51,66,175.58/- as on 28.02.2023 with further interest.
Advantage Overseas Pvt. Ltd. (Corporate Debtor) was extended financial facilities by State Bank of India (SBI). Initially, a facility of Rs. 10 Crores was granted on 15.03.2013. A Loan-cum-Hypothecation Agreement was executed on 23.03.2013. The facility was enhanced to Rs. 51 Crore, and a Letter of Arrangement was issued on 17.12.2014. In April 2016, the Corporate Debtor approached SBI for renewal and enhancement, leading to an extended facility of Rs. 6249.50 Crores via a Letter of Arrangement dated 13.04.2016. A Supplemental Agreement of Loan was executed on 12.05.2016. To secure the loan, Supplemental Deeds of Guarantee were executed. The Corporate Debtor defaulted, and SBI declared the account NPA on 08.08.2018. SBI issued a notice on 07.01.2019, demanding Rs.
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State Bank of India granted a financial…
A Loan-cum-Hypothecation Agreement was executed…
This appeal was filed by a Suspended Director of the Corporate Debtor, challenging the order dated 10.11.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-IV, which admitted a Section 7 application filed by the State Bank of India. The Corporate Debtor, Advantage Overseas Pvt. Ltd., had been extended a financial facility by the State Bank of India, initially granted Rs.10 Crores on 15.03.2013. A Loan-cum-Hypothecation Agreement was executed on 23.03.2013. The Corporate Debtor defaulted, and the account was declared NPA on 08.08.2018. The State Bank of India filed an application under Section 7 on 13.03.2023, claiming Rs.2730,51,66,175.58/- as on 28.02.2023 with further interest.
Advantage Overseas Pvt. Ltd. (Corporate Debtor) was extended financial facilities by State Bank of India (SBI). Initially, a facility of Rs. 10 Crores was granted on 15.03.2013. A Loan-cum-Hypothecation Agreement was executed on 23.03.2013. The facility was enhanced to Rs. 51 Crore, and a Letter of Arrangement was issued on 17.12.2014. In April 2016, the Corporate Debtor approached SBI for renewal and enhancement, leading to an extended facility of Rs. 6249.50 Crores via a Letter of Arrangement dated 13.04.2016. A Supplemental Agreement of Loan was executed on 12.05.2016. To secure the loan, Supplemental Deeds of Guarantee were executed. The Corporate Debtor defaulted, and SBI declared the account NPA on 08.08.2018. SBI issued a notice on 07.01.2019, demanding Rs.
…State Bank of India granted a financial…
A Loan-cum-Hypothecation Agreement was executed…