The appeal challenges an order dated 08.11.2019 passed by the National Company Law Tribunal (NCLT), New Delhi, Bench-III, in CP (IB) No. 391/ND/2018. The NCLT dismissed an application seeking to set aside the Liquidator's order rejecting the Appellant's claim. The Appellant, Volkswagen Finance Private Limited, claimed to be a secured creditor based on a Loan and Hypothecation Agreement executed with Shree Balaji Printopack Pvt. Ltd. (Corporate Debtor) on 25.11.2013. The Liquidator rejected the claim because the charge was not registered with the Registrar of Companies (ROC) as required under Section 77(3) of the Companies Act, 2013 and Regulation 21 of the IBBI (Liquidation Process) Regulations, 2016.
Shree Balaji Printopack Pvt. Ltd. (Corporate Debtor) executed a Loan and Hypothecation Agreement with Volkswagen Finance Private Limited (Appellant) on 25.11.2013 for Rs. 36,00,000. The loan was to be repaid in 84 monthly installments from 15.12.2013 to 15.11.2020 for the purchase of an AUDI Q3 TDI 2.0 vehicle. The Appellant claimed a default of Rs. 21,83,819.18. The vehicle was hypothecated, and the agreement was noted in the Certificate of Registration with the RTO under Section 51 of the Motor Vehicles Act, 1988. However, the charge was not registered with the Registrar of Companies (ROC) under Section 77 of the Companies Act, 2013. The Liquidator rejected the Appellant's claim to be a secured creditor, citing the lack of ROC registration. The Adjudicating Authority
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Shree Balaji Printopack Pvt. Ltd. executed a…
Repayment of the loan…
The appeal challenges an order dated 08.11.2019 passed by the National Company Law Tribunal (NCLT), New Delhi, Bench-III, in CP (IB) No. 391/ND/2018. The NCLT dismissed an application seeking to set aside the Liquidator's order rejecting the Appellant's claim. The Appellant, Volkswagen Finance Private Limited, claimed to be a secured creditor based on a Loan and Hypothecation Agreement executed with Shree Balaji Printopack Pvt. Ltd. (Corporate Debtor) on 25.11.2013. The Liquidator rejected the claim because the charge was not registered with the Registrar of Companies (ROC) as required under Section 77(3) of the Companies Act, 2013 and Regulation 21 of the IBBI (Liquidation Process) Regulations, 2016.
Shree Balaji Printopack Pvt. Ltd. (Corporate Debtor) executed a Loan and Hypothecation Agreement with Volkswagen Finance Private Limited (Appellant) on 25.11.2013 for Rs. 36,00,000. The loan was to be repaid in 84 monthly installments from 15.12.2013 to 15.11.2020 for the purchase of an AUDI Q3 TDI 2.0 vehicle. The Appellant claimed a default of Rs. 21,83,819.18. The vehicle was hypothecated, and the agreement was noted in the Certificate of Registration with the RTO under Section 51 of the Motor Vehicles Act, 1988. However, the charge was not registered with the Registrar of Companies (ROC) under Section 77 of the Companies Act, 2013. The Liquidator rejected the Appellant's claim to be a secured creditor, citing the lack of ROC registration. The Adjudicating Authority
…Shree Balaji Printopack Pvt. Ltd. executed a…
Repayment of the loan…