This is a Company Appeal (AT) (Insolvency) No. 756 of 2024 arising out of an order dated February 21, 2024, passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court-II) in CP (IB) /1051/MB/2023. The appeal was filed against the dismissal of a Section 7 petition under the Insolvency and Bankruptcy Code, 2016. The Appellant/Financial Creditor had extended financial assistance in the nature of a loan to the Corporate Debtor/Respondent and disbursed a total amount of Rs 1,57,50,000/-. The Respondent started committing default from the first installment of half-yearly interest, which became due and payable on 10.10.2019. The Adjudicating Authority dismissed the Section 7 Petition on the ground that the date of default was 04.08.2020 and the
…Mobile Constructions Private Limited (Appellant/Financial Creditor) extended a loan of Rs 1,57,50,000/- to Apple Land Development Private Limited (Respondent/Corporate Debtor). The loan was disbursed in five tranches between April 10, 2019, and April 24, 2019. The interest was to be paid on a half-yearly basis at 12% per annum. The first installment of interest became due on October 10, 2019. The Respondent defaulted on the first installment of interest. The Appellant issued a demand notice on July 20, 2020, recalling the overdue payment. The Appellant issued another demand notice on May 25, 2023, recalling the entire principal amount with interest. The Appellant filed a Section 7 petition in August 2023. The Adjudicating Authority dismissed the Section 7 petition,
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This is a Company Appeal (AT) (Insolvency) No. 756 of 2024 arising out of an order dated February 21, 2024, passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court-II) in CP (IB) /1051/MB/2023. The appeal was filed against the dismissal of a Section 7 petition under the Insolvency and Bankruptcy Code, 2016. The Appellant/Financial Creditor had extended financial assistance in the nature of a loan to the Corporate Debtor/Respondent and disbursed a total amount of Rs 1,57,50,000/-. The Respondent started committing default from the first installment of half-yearly interest, which became due and payable on 10.10.2019. The Adjudicating Authority dismissed the Section 7 Petition on the ground that the date of default was 04.08.2020 and the
…Mobile Constructions Private Limited (Appellant/Financial Creditor) extended a loan of Rs 1,57,50,000/- to Apple Land Development Private Limited (Respondent/Corporate Debtor). The loan was disbursed in five tranches between April 10, 2019, and April 24, 2019. The interest was to be paid on a half-yearly basis at 12% per annum. The first installment of interest became due on October 10, 2019. The Respondent defaulted on the first installment of interest. The Appellant issued a demand notice on July 20, 2020, recalling the overdue payment. The Appellant issued another demand notice on May 25, 2023, recalling the entire principal amount with interest. The Appellant filed a Section 7 petition in August 2023. The Adjudicating Authority dismissed the Section 7 petition,
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