The case involves an application filed by Neev Construction, a financial creditor, against DCOM Systems Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was filed on June 18, 2019, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The financial creditor claimed a default amount of Rs. 3,08,63,159/-, including a principal amount of Rs. 1,86,50,000 and interest. The Adjudicating Authority (NCLT) observed that Neev Construction is a proprietorship concern and the application was filed in its name, not in the name of its proprietor, Vishal G Kevadiya.
Neev Construction, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against DCOM Systems Limited, the corporate debtor. The application was filed on June 18, 2019, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. Neev Construction claimed that it had provided financial assistance of Rs. 2,00,00,000 to DCOM Systems Pvt. Ltd. for execution of NWS water line Projects at Nazafgard & Nagloi, New Delhi, at an interest rate of 18% per annum for a period of 2 years. The financial creditor claimed a default amount of Rs. 3,08,63,159/-, including a principal amount of Rs. 1,86,50,000 and interest of Rs. 1,22,13,159/-. The date of default was stated as June 1, 2019. The
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Neev Construction filed a petition under…
The petitio…
The case involves an application filed by Neev Construction, a financial creditor, against DCOM Systems Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was filed on June 18, 2019, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The financial creditor claimed a default amount of Rs. 3,08,63,159/-, including a principal amount of Rs. 1,86,50,000 and interest. The Adjudicating Authority (NCLT) observed that Neev Construction is a proprietorship concern and the application was filed in its name, not in the name of its proprietor, Vishal G Kevadiya.
Neev Construction, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against DCOM Systems Limited, the corporate debtor. The application was filed on June 18, 2019, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. Neev Construction claimed that it had provided financial assistance of Rs. 2,00,00,000 to DCOM Systems Pvt. Ltd. for execution of NWS water line Projects at Nazafgard & Nagloi, New Delhi, at an interest rate of 18% per annum for a period of 2 years. The financial creditor claimed a default amount of Rs. 3,08,63,159/-, including a principal amount of Rs. 1,86,50,000 and interest of Rs. 1,22,13,159/-. The date of default was stated as June 1, 2019. The
…Neev Construction filed a petition under…
The petitio…