Bank of India, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against AKJ Fincap Limited, the Corporate Guarantor, for a default on a term loan. The loan was originally sanctioned to Agnipa Energo Pvt. Ltd, the Corporate Debtor (CD), with AKJ Fincap Limited providing a corporate guarantee. The account was classified as NPA on 30.04.2018. The FC sought initiation of Corporate Insolvency Resolution Process (CIRP) against AKJ Fincap Limited. The Adjudicating Authority initially passed an ex-parte order, which was later appealed by AKJ Fincap Limited. NCLAT set aside the ex-parte order, directing the Adjudicating Authority to hear the matter afresh. The key contention raised by AKJ Fincap Limited was
…1. Bank of India (Financial Creditor) filed a Section 7 application against AKJ Fincap Limited (Corporate Guarantor) for default on a term loan.
2. The loan was originally sanctioned to Agnipa Energo Pvt. Ltd (Corporate Debtor), with AKJ Fincap Limited providing a corporate guarantee.
3. The loan account was classified as NPA on 30.04.2018.
4. The total defaulted amount in the Term Loan account including uncharged interest calculated up to 27.12.2019 stands at Rs. 11,34,30,136.00.
5. The Financial Creditor had disbursed Rs. 8,51,67,362.75 out of the sanctioned amount of Rs. 10.00 Crores to Agnipa Energo Pvt. Ltd.
6. Agnipa Energo Pvt. Ltd failed to maintain the Term Loan account.
7. Agnipa Energo Pvt. Ltd submitted a One Time Settlement proposal dated 17.05.2019, which was
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The Term loan…
Financial Creditor…
Bank of India, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against AKJ Fincap Limited, the Corporate Guarantor, for a default on a term loan. The loan was originally sanctioned to Agnipa Energo Pvt. Ltd, the Corporate Debtor (CD), with AKJ Fincap Limited providing a corporate guarantee. The account was classified as NPA on 30.04.2018. The FC sought initiation of Corporate Insolvency Resolution Process (CIRP) against AKJ Fincap Limited. The Adjudicating Authority initially passed an ex-parte order, which was later appealed by AKJ Fincap Limited. NCLAT set aside the ex-parte order, directing the Adjudicating Authority to hear the matter afresh. The key contention raised by AKJ Fincap Limited was
…1. Bank of India (Financial Creditor) filed a Section 7 application against AKJ Fincap Limited (Corporate Guarantor) for default on a term loan.
2. The loan was originally sanctioned to Agnipa Energo Pvt. Ltd (Corporate Debtor), with AKJ Fincap Limited providing a corporate guarantee.
3. The loan account was classified as NPA on 30.04.2018.
4. The total defaulted amount in the Term Loan account including uncharged interest calculated up to 27.12.2019 stands at Rs. 11,34,30,136.00.
5. The Financial Creditor had disbursed Rs. 8,51,67,362.75 out of the sanctioned amount of Rs. 10.00 Crores to Agnipa Energo Pvt. Ltd.
6. Agnipa Energo Pvt. Ltd failed to maintain the Term Loan account.
7. Agnipa Energo Pvt. Ltd submitted a One Time Settlement proposal dated 17.05.2019, which was
The Term loan…
Financial Creditor…