The appeal was filed by the Suspended Director of the Corporate Debtor challenging the order dated 07.11.2024, by which the application filed under Section 7 of the IBC 2016 by the Financial Creditor, NAFED, for the resolution of an amount of Rs. 194,01,78,454/- was admitted.
NAFED agreed to grant financial debt to the Corporate Debtor (Zenith Mining Pvt. Ltd.) by way of an agreement dated 12.02.2004 for extracting iron ore from mines in India and to execute its export orders.
On 27.02.2004, the Corporate Debtor submitted a proposal to the Financial Creditor that certain Chinese and Korean companies had approached it for export of iron ore.
The Financial Creditor advanced a sum of Rs. 90,22,00,000/- from 26.02.2004 to 12.05.2005 and also paid EGGC premium to the tune of Rs. 57,13,606/- as financial debt, totaling to Rs. 90,79,13,606/-.
The Corporate Debtor repaid a sum of Rs. 30,65,00,000/- between 01.03.2004 and 30.03.2007, leading to an outstanding amount of 60,14,00,000/-.
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The present appeal is filed by the…
NAEFED agreed to grant financial debt to the…
The appeal was filed by the Suspended Director of the Corporate Debtor challenging the order dated 07.11.2024, by which the application filed under Section 7 of the IBC 2016 by the Financial Creditor, NAFED, for the resolution of an amount of Rs. 194,01,78,454/- was admitted.
NAFED agreed to grant financial debt to the Corporate Debtor (Zenith Mining Pvt. Ltd.) by way of an agreement dated 12.02.2004 for extracting iron ore from mines in India and to execute its export orders.
On 27.02.2004, the Corporate Debtor submitted a proposal to the Financial Creditor that certain Chinese and Korean companies had approached it for export of iron ore.
The Financial Creditor advanced a sum of Rs. 90,22,00,000/- from 26.02.2004 to 12.05.2005 and also paid EGGC premium to the tune of Rs. 57,13,606/- as financial debt, totaling to Rs. 90,79,13,606/-.
The Corporate Debtor repaid a sum of Rs. 30,65,00,000/- between 01.03.2004 and 30.03.2007, leading to an outstanding amount of 60,14,00,000/-.
…The present appeal is filed by the…
NAEFED agreed to grant financial debt to the…