This is a Company Appeal filed by Reliance Commercial Finance Limited (Financial Creditor) against an order dated July 11, 2022, passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in CP(IB) 498/MB/2020. The Appellant-Financial Creditor had sanctioned Term-Loans of Rs. 10.5 Crores and Rs. 8.5 Crores to the Corporate Debtor on July 29, 2013. The Loan Account of the Corporate Debtor was declared Non-Performing Assets in March 2017 and February 2017. The Appellant preferred Section 7 Application on November 4, 2019, claiming Rs. 15,79,41,658/- as 'due and payable'. The Company Petition was adjourned several times. On July 6, 2022, the Corporate Debtor acknowledged its liability and offered Rs. 12.75 Crores to be paid within 45 days. The
…Reliance Commercial Finance Limited (Appellant), a Financial Creditor, sanctioned term loans of Rs. 10.5 Crores and Rs. 8.5 Crores to Darode Jog Builder Private Limited (Respondent), the Corporate Debtor, on July 29, 2013. The loan accounts were declared Non-Performing Assets (NPA) on March 17, 2017, and February 25, 2017, respectively. On November 4, 2019, the Appellant filed a Section 7 application (CP(IB) 498/MB/2020) claiming Rs. 15,79,41,658/- as due and payable. During a hearing on July 6, 2022, the Corporate Debtor acknowledged its liability and offered Rs. 12.75 Crores to be paid within 45 days. The Adjudicating Authority directed the Financial Creditor to obtain instructions. On July 11, 2022, the Corporate Debtor stated its readiness to deposit the entire
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Appellant sanctioned Term-Loan of Rs. 10.5…
Loan Account of the…
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This is a Company Appeal filed by Reliance Commercial Finance Limited (Financial Creditor) against an order dated July 11, 2022, passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in CP(IB) 498/MB/2020. The Appellant-Financial Creditor had sanctioned Term-Loans of Rs. 10.5 Crores and Rs. 8.5 Crores to the Corporate Debtor on July 29, 2013. The Loan Account of the Corporate Debtor was declared Non-Performing Assets in March 2017 and February 2017. The Appellant preferred Section 7 Application on November 4, 2019, claiming Rs. 15,79,41,658/- as 'due and payable'. The Company Petition was adjourned several times. On July 6, 2022, the Corporate Debtor acknowledged its liability and offered Rs. 12.75 Crores to be paid within 45 days. The
…Reliance Commercial Finance Limited (Appellant), a Financial Creditor, sanctioned term loans of Rs. 10.5 Crores and Rs. 8.5 Crores to Darode Jog Builder Private Limited (Respondent), the Corporate Debtor, on July 29, 2013. The loan accounts were declared Non-Performing Assets (NPA) on March 17, 2017, and February 25, 2017, respectively. On November 4, 2019, the Appellant filed a Section 7 application (CP(IB) 498/MB/2020) claiming Rs. 15,79,41,658/- as due and payable. During a hearing on July 6, 2022, the Corporate Debtor acknowledged its liability and offered Rs. 12.75 Crores to be paid within 45 days. The Adjudicating Authority directed the Financial Creditor to obtain instructions. On July 11, 2022, the Corporate Debtor stated its readiness to deposit the entire
…Appellant sanctioned Term-Loan of Rs. 10.5…
Loan Account of the…
Sign in to view related legal provisions.