The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Sundaram BNP Paribas Home Finance Limited (Financial Creditor) against M/s. MPL 2 Wheelers Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs.2,79,08,639/- by the Corporate Debtor, whose account was classified as Non-Performing Asset (NPA) on 31.10.2016. The Corporate Debtor opposed the application, arguing that the Financial Creditor had already initiated recovery proceedings under the SARFAESI Act, 2002, and had taken possession of the mortgaged property. The Corporate Debtor also contended that the value of the property was more than the debt claimed.
Sundaram BNP Paribas Home Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. MPL 2 Wheelers Private Limited (Corporate Debtor). The Financial Creditor is a limited company incorporated on 02.07.1999. The Corporate Debtor is a private limited company incorporated on 15.09.2011. The Financial Creditor sanctioned a loan of Rs.3,00,00,000/- to the Corporate Debtor as per a Loan Agreement dated 30.06.2015. The Corporate Debtor was obliged to pay Rs.4,65,000/- per month for 120 months at 14% p.a. interest. The Corporate Debtor defaulted on the loan, and the account was classified as NPA on 31.10.2016. The Financial Creditor claimed a sum of Rs.2,79,08,639/- as outstanding debt. The
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Sundaram BNP Paribas…
M/s. MPL 2 Wheelers…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Sundaram BNP Paribas Home Finance Limited (Financial Creditor) against M/s. MPL 2 Wheelers Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs.2,79,08,639/- by the Corporate Debtor, whose account was classified as Non-Performing Asset (NPA) on 31.10.2016. The Corporate Debtor opposed the application, arguing that the Financial Creditor had already initiated recovery proceedings under the SARFAESI Act, 2002, and had taken possession of the mortgaged property. The Corporate Debtor also contended that the value of the property was more than the debt claimed.
Sundaram BNP Paribas Home Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. MPL 2 Wheelers Private Limited (Corporate Debtor). The Financial Creditor is a limited company incorporated on 02.07.1999. The Corporate Debtor is a private limited company incorporated on 15.09.2011. The Financial Creditor sanctioned a loan of Rs.3,00,00,000/- to the Corporate Debtor as per a Loan Agreement dated 30.06.2015. The Corporate Debtor was obliged to pay Rs.4,65,000/- per month for 120 months at 14% p.a. interest. The Corporate Debtor defaulted on the loan, and the account was classified as NPA on 31.10.2016. The Financial Creditor claimed a sum of Rs.2,79,08,639/- as outstanding debt. The
…Sundaram BNP Paribas…
M/s. MPL 2 Wheelers…