The appeal was filed by Shankar Kashid, the suspended director of Shivani Flexipack Limited, challenging the order dated 28.11.2023 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted the Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated based on an application filed by Intec Capital Limited, the Financial Creditor, due to defaults in loan repayment. The loan was taken by Shivani Flexipack Limited for purchasing machinery from Polygraph Printing Technologies Limited. Disputes arose regarding the disbursement of the loan, non-delivery of machinery, and the ban on Gutkha/Pan Masala products, which impacted the Corporate Debtor's business.
Shivani Flexipack Limited (Corporate Debtor) took a loan of Rs. 1,66,40,134 from Intec Capital Limited (Financial Creditor) to purchase lamination machines from Polygraph Printing Technologies Limited. A loan agreement was formalized on 18.01.2012. The Corporate Debtor was engaged in manufacturing flexible packaging materials, including printed pouches for Gutkha/Pan-Masala/Tobacco products. The loan was to be repaid in 60 monthly installments. The Corporate Debtor provided post-dated cheques and collateral as security. The Financial Creditor disbursed Rs. 45,00,110 directly to the Corporate Debtor and Rs. 1,21,40,024 to the machinery vendor. A ban on Gutkha/Pan Masala products in July 2012 impacted the Corporate Debtor's business. The Corporate Debtor requested
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Intec Capital Limited issued a sanction letter…
A formal loan agreement was executed between…
The appeal was filed by Shankar Kashid, the suspended director of Shivani Flexipack Limited, challenging the order dated 28.11.2023 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted the Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated based on an application filed by Intec Capital Limited, the Financial Creditor, due to defaults in loan repayment. The loan was taken by Shivani Flexipack Limited for purchasing machinery from Polygraph Printing Technologies Limited. Disputes arose regarding the disbursement of the loan, non-delivery of machinery, and the ban on Gutkha/Pan Masala products, which impacted the Corporate Debtor's business.
Shivani Flexipack Limited (Corporate Debtor) took a loan of Rs. 1,66,40,134 from Intec Capital Limited (Financial Creditor) to purchase lamination machines from Polygraph Printing Technologies Limited. A loan agreement was formalized on 18.01.2012. The Corporate Debtor was engaged in manufacturing flexible packaging materials, including printed pouches for Gutkha/Pan-Masala/Tobacco products. The loan was to be repaid in 60 monthly installments. The Corporate Debtor provided post-dated cheques and collateral as security. The Financial Creditor disbursed Rs. 45,00,110 directly to the Corporate Debtor and Rs. 1,21,40,024 to the machinery vendor. A ban on Gutkha/Pan Masala products in July 2012 impacted the Corporate Debtor's business. The Corporate Debtor requested
…Intec Capital Limited issued a sanction letter…
A formal loan agreement was executed between…