This case involves an appeal against the orders dated 30.08.2019 and 16.09.2019 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Vejas Power Projects Ltd. (Respondent No. 2) against Vaayu Infrastructure LLP (Corporate Debtor). The Appellant, Yogesh Mehra, Partner of Vaayu Infrastructure LLP, challenged these orders, arguing that the Adjudicating Authority did not provide a reasonable opportunity to be heard and violated principles of natural justice. The Financial Creditor, IL&FS, had provided financial assistance to Wind World Wind Farms (MP) Private Limited (WWWFPL), for which Vaayu Infrastructure LLP was the guarantor. The
…IL&FS Financial Services Ltd. provided financial assistance to Wind World Wind Farms (MP) Private Limited (WWWFPL) amounting to Rs. 100,00,00,000/- (Facility 1) and Rs. 110,00,00,000/- (Facility 2) under facility agreements dated 27.06.2014 and 24.09.2014. Vaayu Infrastructure LLP acted as the corporate guarantor for WWWFPL, providing irrevocable and unconditional guarantees. IL&FS assigned its debt to Vejas Power Projects Ltd. (Respondent No. 2) via an assignment agreement dated 30.12.2015. WWWFPL defaulted on its repayment obligations, leading the Financial Creditor to issue a recall notice on 29.01.2018 for an outstanding amount of Rs. 254,72,62,584/-. Subsequently, a letter dated 07.02.2018 was issued to Vaayu Infrastructure LLP invoking the guarantee.
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This case involves an appeal against the orders dated 30.08.2019 and 16.09.2019 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Vejas Power Projects Ltd. (Respondent No. 2) against Vaayu Infrastructure LLP (Corporate Debtor). The Appellant, Yogesh Mehra, Partner of Vaayu Infrastructure LLP, challenged these orders, arguing that the Adjudicating Authority did not provide a reasonable opportunity to be heard and violated principles of natural justice. The Financial Creditor, IL&FS, had provided financial assistance to Wind World Wind Farms (MP) Private Limited (WWWFPL), for which Vaayu Infrastructure LLP was the guarantor. The
…IL&FS Financial Services Ltd. provided financial assistance to Wind World Wind Farms (MP) Private Limited (WWWFPL) amounting to Rs. 100,00,00,000/- (Facility 1) and Rs. 110,00,00,000/- (Facility 2) under facility agreements dated 27.06.2014 and 24.09.2014. Vaayu Infrastructure LLP acted as the corporate guarantor for WWWFPL, providing irrevocable and unconditional guarantees. IL&FS assigned its debt to Vejas Power Projects Ltd. (Respondent No. 2) via an assignment agreement dated 30.12.2015. WWWFPL defaulted on its repayment obligations, leading the Financial Creditor to issue a recall notice on 29.01.2018 for an outstanding amount of Rs. 254,72,62,584/-. Subsequently, a letter dated 07.02.2018 was issued to Vaayu Infrastructure LLP invoking the guarantee.
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