Mascot Capital and Marketing Private Limited (MCMPL), the Financial Creditor, filed an appeal under Section 61 of the Insolvency and Bankruptcy Code (IBC), 2016, against the order dated January 20, 2023, passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench – IV). The Adjudicating Authority had dismissed MCMPL's application under Section 7 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Savair Energy Limited (SEL), the Corporate Debtor. The application was based on a default amount of Rs. 3,70,00,000, comprising a principal amount of Rs. 3,20,00,000 and interest dues of Rs. 50,00,000. The Adjudicating Authority noted that the 'date of default' was not mentioned in Part IV of Form I, but the 'date of
…Mascot Capital and Marketing Private Limited (MCMPL) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Savair Energy Limited (SEL) due to a default of Rs. 3,70,00,000. The Adjudicating Authority (AA) dismissed the application, noting discrepancies in the 'date of default'. MCMPL and SEL had entered into a Memorandum of Understanding (MoU) on March 4, 2017, for a joint venture. MCMPL paid Rs. 3.20 Crores to SEL between March 4, 2017, and April 29, 2017. The AA considered this MoU a joint venture agreement. A subsequent MoU dated April 29, 2017, terminated the earlier MoU. Another MoU of the same date acknowledged a loan of Rs. 3.20 Crores from MCMPL to SEL. A Board
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Mascot Capital and Marketing Private Limited…
MCMPL disbursed Rs.…
Mascot Capital and Marketing Private Limited (MCMPL), the Financial Creditor, filed an appeal under Section 61 of the Insolvency and Bankruptcy Code (IBC), 2016, against the order dated January 20, 2023, passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench – IV). The Adjudicating Authority had dismissed MCMPL's application under Section 7 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Savair Energy Limited (SEL), the Corporate Debtor. The application was based on a default amount of Rs. 3,70,00,000, comprising a principal amount of Rs. 3,20,00,000 and interest dues of Rs. 50,00,000. The Adjudicating Authority noted that the 'date of default' was not mentioned in Part IV of Form I, but the 'date of
…Mascot Capital and Marketing Private Limited (MCMPL) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Savair Energy Limited (SEL) due to a default of Rs. 3,70,00,000. The Adjudicating Authority (AA) dismissed the application, noting discrepancies in the 'date of default'. MCMPL and SEL had entered into a Memorandum of Understanding (MoU) on March 4, 2017, for a joint venture. MCMPL paid Rs. 3.20 Crores to SEL between March 4, 2017, and April 29, 2017. The AA considered this MoU a joint venture agreement. A subsequent MoU dated April 29, 2017, terminated the earlier MoU. Another MoU of the same date acknowledged a loan of Rs. 3.20 Crores from MCMPL to SEL. A Board
…Mascot Capital and Marketing Private Limited…
MCMPL disbursed Rs.…