The application was filed by Indian Renewable Energy Development Agency Limited (Financial Creditor/Applicant) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SLS Power Corporation Limited (Corporate Debtor/Respondent).
Indian Renewable Energy Development Agency Limited filed an application under Section 7 of the IBC to initiate CIRP against SLS Power Corporation Limited.
The Financial Creditor claimed a total default amount of Rs. 488,00,78,691/- as of 31.03.2015.
The Corporate Debtor's account was classified as NPA on 31.03.2015.
The Corporate Debtor argued that the petition was barred by limitation.
The Financial Creditor contended that the original date of default was 31.12.2014.
The Corporate Debtor acknowledged the debt in its balance sheets for the years 2016-17, 2017-18, 2018-19, and 2019-20.
A reschedulement letter dated 29.12.2014 was issued by the Financial Creditor, but the Corporate Debtor failed to comply with its terms and conditions.
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The instant Application…
Order delive…
The application was filed by Indian Renewable Energy Development Agency Limited (Financial Creditor/Applicant) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SLS Power Corporation Limited (Corporate Debtor/Respondent).
Indian Renewable Energy Development Agency Limited filed an application under Section 7 of the IBC to initiate CIRP against SLS Power Corporation Limited.
The Financial Creditor claimed a total default amount of Rs. 488,00,78,691/- as of 31.03.2015.
The Corporate Debtor's account was classified as NPA on 31.03.2015.
The Corporate Debtor argued that the petition was barred by limitation.
The Financial Creditor contended that the original date of default was 31.12.2014.
The Corporate Debtor acknowledged the debt in its balance sheets for the years 2016-17, 2017-18, 2018-19, and 2019-20.
A reschedulement letter dated 29.12.2014 was issued by the Financial Creditor, but the Corporate Debtor failed to comply with its terms and conditions.
…The instant Application…
Order delive…