The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The original petition was filed before the High Court of Madras on 23.07.2013 under Sections 433 (e) & (f), 434 (i) (a) and 439 (i) & (b) of the Companies Act 1956 for winding up of the Respondent Company. It was later transferred to the National Company Law Tribunal (NCLT) and renumbered as TCP/233/(IB)/CB/2017. The financial creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP).
L&T Finance Limited extended loan facilities to C.T. Ramanathan Infrastructure Pvt. Ltd. in January and February 2012 for business purposes, including the purchase of machinery and vehicles. The Corporate Debtor failed to settle the outstanding amount as per the agreements. The Financial Creditor sent a statutory notice to the Corporate Debtor on 12.03.2013, detailing the agreements and the amount due. The Financial Creditor also filed claims before the Arbitral Tribunal, which passed awards in favor of the Financial Creditor on 20.05.2013 and 21.05.2013. The total outstanding debt was Rs.3,03,92,383/-. The Corporate Debtor appeared before the Bench and submitted that they were ready and willing to pay the outstanding debt and requested time. The Corporate Debtor
…Sign in to view the parties.
Financial Creditor extended loan facility to…
Financial Creditor further extended loan…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The original petition was filed before the High Court of Madras on 23.07.2013 under Sections 433 (e) & (f), 434 (i) (a) and 439 (i) & (b) of the Companies Act 1956 for winding up of the Respondent Company. It was later transferred to the National Company Law Tribunal (NCLT) and renumbered as TCP/233/(IB)/CB/2017. The financial creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP).
L&T Finance Limited extended loan facilities to C.T. Ramanathan Infrastructure Pvt. Ltd. in January and February 2012 for business purposes, including the purchase of machinery and vehicles. The Corporate Debtor failed to settle the outstanding amount as per the agreements. The Financial Creditor sent a statutory notice to the Corporate Debtor on 12.03.2013, detailing the agreements and the amount due. The Financial Creditor also filed claims before the Arbitral Tribunal, which passed awards in favor of the Financial Creditor on 20.05.2013 and 21.05.2013. The total outstanding debt was Rs.3,03,92,383/-. The Corporate Debtor appeared before the Bench and submitted that they were ready and willing to pay the outstanding debt and requested time. The Corporate Debtor
…Financial Creditor extended loan facility to…
Financial Creditor further extended loan…