Bizloan Private Limited, a Non-Banking Financial Company and financial creditor of Autocop(India) Private Limited (Corporate Debtor), filed an application under Section 60(5)(b) of the Insolvency and Bankruptcy Code, 2016. The application sought directions for the Liquidator to classify Bizloan as a "Secured Financial Creditor" instead of an "unsecured Financial Creditor" during the liquidation process of the Corporate Debtor. The Liquidator, Mr. Amit Chandrashekhar Poddar, had initially classified Bizloan's debt as unsecured because the charge on the Corporate Debtor's assets was not registered with the Registrar of Companies (RoC) under Section 77 of the Companies Act, 2013.
…Bizloan Private Limited, a Non-Banking Financial Company, extended credit facilities to Autocop(India) Private Limited, the Corporate Debtor. These facilities were in the form of Sales Bill Discounting and Purchase Bill Discounting, with a sanctioned amount of Rs. 50 lakhs for each. The Corporate Debtor executed loan application forms and two sanction letters dated February 27, 2019, and March 28, 2019, followed by corresponding Loan Agreements/Facility Agreements. These were short-term loans with bullet repayment schedules.
…Corporate Debtor executed loan application…
Corporate Debtor executed loan application…
Bizloan Private Limited, a Non-Banking Financial Company and financial creditor of Autocop(India) Private Limited (Corporate Debtor), filed an application under Section 60(5)(b) of the Insolvency and Bankruptcy Code, 2016. The application sought directions for the Liquidator to classify Bizloan as a "Secured Financial Creditor" instead of an "unsecured Financial Creditor" during the liquidation process of the Corporate Debtor. The Liquidator, Mr. Amit Chandrashekhar Poddar, had initially classified Bizloan's debt as unsecured because the charge on the Corporate Debtor's assets was not registered with the Registrar of Companies (RoC) under Section 77 of the Companies Act, 2013.
…Bizloan Private Limited, a Non-Banking Financial Company, extended credit facilities to Autocop(India) Private Limited, the Corporate Debtor. These facilities were in the form of Sales Bill Discounting and Purchase Bill Discounting, with a sanctioned amount of Rs. 50 lakhs for each. The Corporate Debtor executed loan application forms and two sanction letters dated February 27, 2019, and March 28, 2019, followed by corresponding Loan Agreements/Facility Agreements. These were short-term loans with bullet repayment schedules.
…Corporate Debtor executed loan application…
Corporate Debtor executed loan application…