This case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) by the Adjudicating Authority (National Company Law Tribunal, Kolkata). The appellant, the suspended director of the corporate debtor, Fairdeal Supplies Limited, challenged the order. The financial creditor, Pegasus Asset Reconstruction Company Private Ltd., filed the Section 7 application. The corporate debtor had obtained financial facilities from Allahabad Bank in 2010, which later declared the account NPA in 2011. Allahabad Bank assigned its debt to Pegasus in 2013. The corporate debtor challenged the assignment agreement and also argued that the Section 7 application was barred by limitation.
Fairdeal Supplies Limited (corporate debtor) obtained financial facilities from Allahabad Bank in 2010 for ₹34.50 crore to purchase property in Coimbatore. A sanction letter was issued on 2010-03-05. The loan repayment schedule was restructured on 2011-03-30. The account was declared NPA on 2011-09-30. Allahabad Bank assigned its debt to Pegasus Asset Reconstruction Company Private Ltd. on 2013-09-27. As per the assignment agreement, the total amount due was ₹30,31,00,02,000 as on 2013-07-15. In 2012, Allahabad Bank filed an application under Section 19 of the Recovery of Debt Due to Banks and Financial Institutions Act, 1993. In 2017, the corporate debtor filed a suit challenging the assignment agreement. On 2022-08-18, Pegasus filed a Section 7 application claiming a
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Fairdeal Supplies Limited obtained financial…
Allahabad Bank…
This case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) by the Adjudicating Authority (National Company Law Tribunal, Kolkata). The appellant, the suspended director of the corporate debtor, Fairdeal Supplies Limited, challenged the order. The financial creditor, Pegasus Asset Reconstruction Company Private Ltd., filed the Section 7 application. The corporate debtor had obtained financial facilities from Allahabad Bank in 2010, which later declared the account NPA in 2011. Allahabad Bank assigned its debt to Pegasus in 2013. The corporate debtor challenged the assignment agreement and also argued that the Section 7 application was barred by limitation.
Fairdeal Supplies Limited (corporate debtor) obtained financial facilities from Allahabad Bank in 2010 for ₹34.50 crore to purchase property in Coimbatore. A sanction letter was issued on 2010-03-05. The loan repayment schedule was restructured on 2011-03-30. The account was declared NPA on 2011-09-30. Allahabad Bank assigned its debt to Pegasus Asset Reconstruction Company Private Ltd. on 2013-09-27. As per the assignment agreement, the total amount due was ₹30,31,00,02,000 as on 2013-07-15. In 2012, Allahabad Bank filed an application under Section 19 of the Recovery of Debt Due to Banks and Financial Institutions Act, 1993. In 2017, the corporate debtor filed a suit challenging the assignment agreement. On 2022-08-18, Pegasus filed a Section 7 application claiming a
…Fairdeal Supplies Limited obtained financial…
Allahabad Bank…