The case involves an appeal against the order dated 03.10.2018 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, which admitted the application filed by the Respondent/Applicant (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Appellant/Director of the Corporate Debtor filed the appeal, arguing that the application was barred by limitation and that the Appellant was not properly served with the application. The financial creditor initiated proceedings against the corporate debtor due to loan defaults.
The Appellant, Vivek Jha, is the Director of the Corporate Debtor, Natconn Engineering Private Limited. The Respondent, Daimler Financial Services India Private Ltd., is the Financial Creditor. A loan agreement was entered into between the Corporate Debtor and the Financial Creditor on 28.03.2013 for purchasing a Mercedes Benz car worth Rs. 43,51,403/-. The Corporate Debtor made an initial payment of Rs. 9,51,403/-, and the remaining amount of Rs. 34 lakhs was financed by the Respondent. The loan was to be repaid in 36 equal monthly installments of Rs. 1,08,775/-. The Appellant defaulted on payments, leading the Respondent to issue a loan recall cum demand notice dated 06.05.2014. The Appellant made a payment of Rs. 3 lakhs on 18.03.2015. The Respondent issued a demand
…Sign in to view the parties.
Loan agreement entered into between Natconn…
Commencement of 36…
The case involves an appeal against the order dated 03.10.2018 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, which admitted the application filed by the Respondent/Applicant (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Appellant/Director of the Corporate Debtor filed the appeal, arguing that the application was barred by limitation and that the Appellant was not properly served with the application. The financial creditor initiated proceedings against the corporate debtor due to loan defaults.
The Appellant, Vivek Jha, is the Director of the Corporate Debtor, Natconn Engineering Private Limited. The Respondent, Daimler Financial Services India Private Ltd., is the Financial Creditor. A loan agreement was entered into between the Corporate Debtor and the Financial Creditor on 28.03.2013 for purchasing a Mercedes Benz car worth Rs. 43,51,403/-. The Corporate Debtor made an initial payment of Rs. 9,51,403/-, and the remaining amount of Rs. 34 lakhs was financed by the Respondent. The loan was to be repaid in 36 equal monthly installments of Rs. 1,08,775/-. The Appellant defaulted on payments, leading the Respondent to issue a loan recall cum demand notice dated 06.05.2014. The Appellant made a payment of Rs. 3 lakhs on 18.03.2015. The Respondent issued a demand
…Loan agreement entered into between Natconn…
Commencement of 36…