The appeal was filed by the Corporate Debtor, M/s Shalini Publicity Creative Pvt. Ltd., against the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted the application of the Financial Creditor, Dena Bank, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor after finding that the Corporate Debtor had defaulted on its debt obligations and that the One Time Settlement (OTS) proposal made by the Corporate Debtor had been rejected by the Financial Creditor.
The Corporate Debtor, M/s Shalini Publicity Creative Pvt. Ltd., defaulted on repayment of facilities granted by the Financial Creditor, Dena Bank, to the extent of Rs. 28,15,26,092/-. The Financial Creditor relied on a sanction letter dated December 26, 2015, which granted facilities comprising cash credit, term loan, and bank guarantee accumulating to Rs. 14,69,00,000/-. The Corporate Debtor pleaded that endeavors for settlement were made and required more time. The Corporate Debtor also argued that the application under Section 7 of the I&B Code was not maintainable because OA No. 1194 of 2016 was pending before the Debt Recovery Tribunal, Mumbai. The Corporate Debtor expressed willingness to seek restructuring of the loan account. The Adjudicating Authority
…Sign in to view the parties.
Financial Creditor granted facilities…
Debt was acknowledged…
The appeal was filed by the Corporate Debtor, M/s Shalini Publicity Creative Pvt. Ltd., against the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted the application of the Financial Creditor, Dena Bank, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor after finding that the Corporate Debtor had defaulted on its debt obligations and that the One Time Settlement (OTS) proposal made by the Corporate Debtor had been rejected by the Financial Creditor.
The Corporate Debtor, M/s Shalini Publicity Creative Pvt. Ltd., defaulted on repayment of facilities granted by the Financial Creditor, Dena Bank, to the extent of Rs. 28,15,26,092/-. The Financial Creditor relied on a sanction letter dated December 26, 2015, which granted facilities comprising cash credit, term loan, and bank guarantee accumulating to Rs. 14,69,00,000/-. The Corporate Debtor pleaded that endeavors for settlement were made and required more time. The Corporate Debtor also argued that the application under Section 7 of the I&B Code was not maintainable because OA No. 1194 of 2016 was pending before the Debt Recovery Tribunal, Mumbai. The Corporate Debtor expressed willingness to seek restructuring of the loan account. The Adjudicating Authority
…Financial Creditor granted facilities…
Debt was acknowledged…