This appeal is filed by a suspended director of Supreme Panvel Indapur Tollways Pvt. Ltd. challenging the order dated 30.08.2024 passed by the National Company Law Tribunal (NCLT), Chandigarh Bench, Chandigarh, which admitted a Section 7 application by State Bank of India (SBI).
A Common Loan Agreement was executed on 30.08.2011 between a consortium of banks led by SBI and Supreme Panvel Indapur Tollways Pvt. Ltd. for a financial facility of Rs. 900 crore.
The corporate debtor defaulted on loan repayment, and the account was declared NPA on 01.11.2016.
A Tripartite Agreement was entered between NHAI, the corporate debtor, and the lenders on 09.11.2016, with NHAI providing finance of ₹540 crore.
The corporate debtor sent revival letters to the lender, admitting liability on 16.01.2018 and 23.12.2020.
SBI filed a Section 7 application on 11.05.2023, claiming a default of ₹610,25,39,513/- as on 17.04.2023.
The corporate debtor opposed the Section 7 application, arguing that the Tripartite Agreement novated the Common Loan Agreement.
…Sign in to view the parties.
A Common Loan Agreement was executed between a…
The corporate debtor's…
This appeal is filed by a suspended director of Supreme Panvel Indapur Tollways Pvt. Ltd. challenging the order dated 30.08.2024 passed by the National Company Law Tribunal (NCLT), Chandigarh Bench, Chandigarh, which admitted a Section 7 application by State Bank of India (SBI).
A Common Loan Agreement was executed on 30.08.2011 between a consortium of banks led by SBI and Supreme Panvel Indapur Tollways Pvt. Ltd. for a financial facility of Rs. 900 crore.
The corporate debtor defaulted on loan repayment, and the account was declared NPA on 01.11.2016.
A Tripartite Agreement was entered between NHAI, the corporate debtor, and the lenders on 09.11.2016, with NHAI providing finance of ₹540 crore.
The corporate debtor sent revival letters to the lender, admitting liability on 16.01.2018 and 23.12.2020.
SBI filed a Section 7 application on 11.05.2023, claiming a default of ₹610,25,39,513/- as on 17.04.2023.
The corporate debtor opposed the Section 7 application, arguing that the Tripartite Agreement novated the Common Loan Agreement.
…A Common Loan Agreement was executed between a…
The corporate debtor's…