The case involves a corporate insolvency resolution process initiated against NSL Nagapatnam Power and Infratech Ltd. (NPIL), the Corporate Debtor. PTC India Financial Services Ltd. (PFS), the Appellant, filed a claim as a financial creditor before the Resolution Professional, which was rejected. The Appellant then moved before the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, which also rejected the application. The appeal arises out of the order dated 6th July, 2018, passed by the NCLT Hyderabad.
PTC India Financial Services Ltd. (PFS) extended a 'Bridge Loan' of Rs. 125 Crores to NSL Nagapatnam Power and Infratech Ltd. (NPIL), the Corporate Debtor, for setting up a thermal power project. This loan was secured by a 'Deed of Pledge' of shares owned by Mandava Holdings Private Limited (MHPL) in NSL Energy Ventures Private Limited (NEVPL). NPIL defaulted on its payment obligations under the 'Bridge Loan Agreement' in June 2016. PFS issued a notice to NPIL and its promoters in December 2017. PFS filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. NPIL filed an application under Section 10 of the I&B Code, which was admitted on January 18, 2018, and a moratorium was declared. Mr. Venkateswarlu Kari was appointed as the Interim
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The 'Bridge Loan Agreement' was reached…
The aforesaid ‘debt' was secured by a ‘Deed of…
The case involves a corporate insolvency resolution process initiated against NSL Nagapatnam Power and Infratech Ltd. (NPIL), the Corporate Debtor. PTC India Financial Services Ltd. (PFS), the Appellant, filed a claim as a financial creditor before the Resolution Professional, which was rejected. The Appellant then moved before the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, which also rejected the application. The appeal arises out of the order dated 6th July, 2018, passed by the NCLT Hyderabad.
PTC India Financial Services Ltd. (PFS) extended a 'Bridge Loan' of Rs. 125 Crores to NSL Nagapatnam Power and Infratech Ltd. (NPIL), the Corporate Debtor, for setting up a thermal power project. This loan was secured by a 'Deed of Pledge' of shares owned by Mandava Holdings Private Limited (MHPL) in NSL Energy Ventures Private Limited (NEVPL). NPIL defaulted on its payment obligations under the 'Bridge Loan Agreement' in June 2016. PFS issued a notice to NPIL and its promoters in December 2017. PFS filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. NPIL filed an application under Section 10 of the I&B Code, which was admitted on January 18, 2018, and a moratorium was declared. Mr. Venkateswarlu Kari was appointed as the Interim
…The 'Bridge Loan Agreement' was reached…
The aforesaid ‘debt' was secured by a ‘Deed of…