The appeal was filed by PLBB Products Pvt. Ltd. (PLBB) under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the order dated 10.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Guwahati Bench. The Adjudicating Authority had allowed the Suspended Management of the Corporate Debtor (CD), an MSME Unit, to submit a Resolution Plan. The Adjudicating Authority also raised concerns about the Financial Creditor's claim being 43 times the disbursed loan amount after 21 years, despite RBI regulations and interest rate capping for MSMEs. The Adjudicating Authority also questioned the invocation of the guarantee by the original lenders (IBBI) and the subsequent claim by the Financial Creditor (SASF).
PLBB Products Pvt. Ltd. (PLBB) filed an appeal against the order dated 10.02.2021 passed by the National Company Law Tribunal (NCLT), Guwahati Bench. The NCLT allowed the Suspended Management of the Corporate Debtor (CD), an MSME Unit, to submit a Resolution Plan. The original loan amount given to the principal borrower, National Boards Ltd. (NBL), was Rs.3.07 crores. The account became NPA on 1.05.2000. The Corporate Guarantee was invoked on 3.12.2001 for Rs.5,42,94,868.00. An OTS was worked out in 2005 for Rs.215.89 lacs, but only Rs.92.24 lacs was paid. The Financial Creditor (FC) filed a claim for Rs.133,54,94,330.00 on 1.12.2018 under Section 7 of IBC against the Corporate Guarantor. The Corporate Debtor is an MSME Unit established on 11.12.1973. The Corporate
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The Corporate…
Based on CoC decision, 'Form –G' was published…
The appeal was filed by PLBB Products Pvt. Ltd. (PLBB) under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the order dated 10.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Guwahati Bench. The Adjudicating Authority had allowed the Suspended Management of the Corporate Debtor (CD), an MSME Unit, to submit a Resolution Plan. The Adjudicating Authority also raised concerns about the Financial Creditor's claim being 43 times the disbursed loan amount after 21 years, despite RBI regulations and interest rate capping for MSMEs. The Adjudicating Authority also questioned the invocation of the guarantee by the original lenders (IBBI) and the subsequent claim by the Financial Creditor (SASF).
PLBB Products Pvt. Ltd. (PLBB) filed an appeal against the order dated 10.02.2021 passed by the National Company Law Tribunal (NCLT), Guwahati Bench. The NCLT allowed the Suspended Management of the Corporate Debtor (CD), an MSME Unit, to submit a Resolution Plan. The original loan amount given to the principal borrower, National Boards Ltd. (NBL), was Rs.3.07 crores. The account became NPA on 1.05.2000. The Corporate Guarantee was invoked on 3.12.2001 for Rs.5,42,94,868.00. An OTS was worked out in 2005 for Rs.215.89 lacs, but only Rs.92.24 lacs was paid. The Financial Creditor (FC) filed a claim for Rs.133,54,94,330.00 on 1.12.2018 under Section 7 of IBC against the Corporate Guarantor. The Corporate Debtor is an MSME Unit established on 11.12.1973. The Corporate
…The Corporate…
Based on CoC decision, 'Form –G' was published…