The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Sundaram BNP Paribas Home Finance Limited (Financial Creditor) against MPL Parts and Services Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default on a loan agreement. The Corporate Debtor argued that the application was not maintainable due to prior actions taken under the SARFAESI Act and that the value of the secured assets exceeded the outstanding debt.
Sundaram BNP Paribas Home Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against MPL Parts and Services Private Limited (Corporate Debtor). The Financial Creditor and Corporate Debtor entered into a Loan Agreement dated 2015-06-30, where the Financial Creditor sanctioned Rs.3,78,00,000 to the Corporate Debtor. The Corporate Debtor was obliged to pay Rs.5,86,908 per month for 120 months at 14% interest. The Corporate Debtor defaulted, and the account was declared NPA on 2016-10-31. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2017-02-01. The Corporate Debtor argued that the Financial Creditor had already initiated action under the SARFAESI Act, taken
…Sign in to view the parties.
Deed of Guarantee…
Loan Agreement entered…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Sundaram BNP Paribas Home Finance Limited (Financial Creditor) against MPL Parts and Services Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default on a loan agreement. The Corporate Debtor argued that the application was not maintainable due to prior actions taken under the SARFAESI Act and that the value of the secured assets exceeded the outstanding debt.
Sundaram BNP Paribas Home Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against MPL Parts and Services Private Limited (Corporate Debtor). The Financial Creditor and Corporate Debtor entered into a Loan Agreement dated 2015-06-30, where the Financial Creditor sanctioned Rs.3,78,00,000 to the Corporate Debtor. The Corporate Debtor was obliged to pay Rs.5,86,908 per month for 120 months at 14% interest. The Corporate Debtor defaulted, and the account was declared NPA on 2016-10-31. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2017-02-01. The Corporate Debtor argued that the Financial Creditor had already initiated action under the SARFAESI Act, taken
…Deed of Guarantee…
Loan Agreement entered…