The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Trinetra Electronics Limited (Financial Creditor) against McNally Bharat Engineering Co. Limited (Corporate Debtor). The financial creditor claimed a default of Rs. 3,35,62,739.73, including a principal sum of Rs. 2,00,00,000 and interest of Rs. 1,35,62,739.73 as of September 30, 2014. The corporate debtor argued that the debt was time-barred under the Limitation Act, 1963, and that acknowledgments of debt were not in compliance with Section 18 of the Act.
Trinetra Electronics Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against McNally Bharat Engineering Co. Limited (Corporate Debtor). The claim was based on a default of Rs. 3,35,62,739.73, including a principal of Rs. 2,00,00,000 and interest of Rs. 1,35,62,739.73 as of September 30, 2014. The Financial Creditor and Corporate Debtor entered into an agreement on August 6, 2014, where the Financial Creditor agreed to grant Rs. 2 crore as Inter-Corporate Deposit (ICD) carrying 16% interest, payable on September 30, 2014. The Corporate Debtor provided Post-Dated Cheques (PDC) and a Demand Promissory Note. The Corporate Debtor's counsel argued
…Sign in to view the parties.
Financial creditor and corporate debtor…
ICD was payable on this…
The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Trinetra Electronics Limited (Financial Creditor) against McNally Bharat Engineering Co. Limited (Corporate Debtor). The financial creditor claimed a default of Rs. 3,35,62,739.73, including a principal sum of Rs. 2,00,00,000 and interest of Rs. 1,35,62,739.73 as of September 30, 2014. The corporate debtor argued that the debt was time-barred under the Limitation Act, 1963, and that acknowledgments of debt were not in compliance with Section 18 of the Act.
Trinetra Electronics Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against McNally Bharat Engineering Co. Limited (Corporate Debtor). The claim was based on a default of Rs. 3,35,62,739.73, including a principal of Rs. 2,00,00,000 and interest of Rs. 1,35,62,739.73 as of September 30, 2014. The Financial Creditor and Corporate Debtor entered into an agreement on August 6, 2014, where the Financial Creditor agreed to grant Rs. 2 crore as Inter-Corporate Deposit (ICD) carrying 16% interest, payable on September 30, 2014. The Corporate Debtor provided Post-Dated Cheques (PDC) and a Demand Promissory Note. The Corporate Debtor's counsel argued
…Financial creditor and corporate debtor…
ICD was payable on this…