M/s Intec Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Excel Computerised Embroidery Private Limited, the Corporate Debtor. The applicant, a non-banking financial company, claimed that the corporate debtor defaulted on a loan/financial facility of Rs. 82,20,000/- sanctioned to M/S Eastern Overseas, for which the corporate debtor furnished a corporate guarantee. The applicant terminated the Loan Agreement and initiated arbitration proceedings, which resulted in an arbitral award in the applicant's favor.
M/s Intec Capital Limited (Applicant), a non-banking financial company, sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Excel Computerised Embroidery Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant had sanctioned a loan/financial facility of Rs. 82,20,000/- to M/S Eastern Overseas, with the Corporate Debtor acting as a guarantor. A Loan cum hypothecation Agreement dated 28.11.2013 was executed. The Corporate Debtor failed to maintain adequate funds in its bank account, leading to dishonored cheques and non-payment. The applicant initiated proceedings under Section 138 of the Negotiable Instrument Act, 1881. The applicant terminated the Loan Agreement and initiated arbitration
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A Loan cum hypothecation Agreement dated…
The date of default as…
M/s Intec Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Excel Computerised Embroidery Private Limited, the Corporate Debtor. The applicant, a non-banking financial company, claimed that the corporate debtor defaulted on a loan/financial facility of Rs. 82,20,000/- sanctioned to M/S Eastern Overseas, for which the corporate debtor furnished a corporate guarantee. The applicant terminated the Loan Agreement and initiated arbitration proceedings, which resulted in an arbitral award in the applicant's favor.
M/s Intec Capital Limited (Applicant), a non-banking financial company, sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Excel Computerised Embroidery Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant had sanctioned a loan/financial facility of Rs. 82,20,000/- to M/S Eastern Overseas, with the Corporate Debtor acting as a guarantor. A Loan cum hypothecation Agreement dated 28.11.2013 was executed. The Corporate Debtor failed to maintain adequate funds in its bank account, leading to dishonored cheques and non-payment. The applicant initiated proceedings under Section 138 of the Negotiable Instrument Act, 1881. The applicant terminated the Loan Agreement and initiated arbitration
…A Loan cum hypothecation Agreement dated…
The date of default as…