This appeal was filed against the Adjudicating Authority's order dated 06.12.2021, which admitted C.P. No. 315/IBC/MB/2019 filed by the Respondent-Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appeal was filed by Rajeev R. Jain, Director (Suspended) of the Corporate Debtor, challenging the impugned judgment. The Corporate Debtor obtained two loans from the Financial Creditor through deposit agreements dated 31.03.2017 and 27.10.2017, secured by Deeds of Mortgage. The Financial Creditor filed an application under Section 7 of the I&B Code, claiming a default of Rs. 258,36,32,228/-.
Rajeev R. Jain, the Director (Suspended) of the Corporate Debtor, filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted the application filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had obtained two loans from the Financial Creditor, secured by mortgage deeds. The first loan agreement was dated 31.03.2017 for Rs. 230,00,00,000/-, and the second was dated 27.10.2017 for Rs. 277,00,00,000/-. The Corporate Debtor defaulted on the repayment, leading the Financial Creditor to file an application under Section 7 of the I&B Code, claiming a default of Rs. 258,36,32,228/-. The Corporate Debtor opposed the application, arguing that the
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This appeal was filed against the Adjudicating Authority's order dated 06.12.2021, which admitted C.P. No. 315/IBC/MB/2019 filed by the Respondent-Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appeal was filed by Rajeev R. Jain, Director (Suspended) of the Corporate Debtor, challenging the impugned judgment. The Corporate Debtor obtained two loans from the Financial Creditor through deposit agreements dated 31.03.2017 and 27.10.2017, secured by Deeds of Mortgage. The Financial Creditor filed an application under Section 7 of the I&B Code, claiming a default of Rs. 258,36,32,228/-.
Rajeev R. Jain, the Director (Suspended) of the Corporate Debtor, filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted the application filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had obtained two loans from the Financial Creditor, secured by mortgage deeds. The first loan agreement was dated 31.03.2017 for Rs. 230,00,00,000/-, and the second was dated 27.10.2017 for Rs. 277,00,00,000/-. The Corporate Debtor defaulted on the repayment, leading the Financial Creditor to file an application under Section 7 of the I&B Code, claiming a default of Rs. 258,36,32,228/-. The Corporate Debtor opposed the application, arguing that the
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Corporate Debtor…
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