The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. Narendra Properties Limited (Financial Creditor) against M/s. Statco Infra Projects Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a debt of ₹92,75,000, including principal and interest. The Corporate Debtor contested the application, arguing that it was barred by limitation and alleging that the documents submitted by the Financial Creditor were forged. The Hon'ble High Court of Madras had previously set aside an earlier order admitting the application and remanded the proceedings back to the NCLT for fresh consideration.
M/s. Narendra Properties Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Statco Infra Projects Private Limited (Corporate Debtor) claiming a debt of ₹92,75,000, which included a principal sum of ₹50,00,000 and interest of ₹42,75,000 calculated at 18% per annum as of 28.02.2018. The debt originated from a loan requested by the Corporate Debtor on 01.08.2011. The Corporate Debtor made some repayments, reducing the principal to ₹50,00,000. The Corporate Debtor issued a fresh promissory note for ₹50,00,000 on 01.04.2013. The Corporate Debtor also confirmed its outstanding balance in letters dated 04.04.2012, 26.04.2013, 31.03.2014, and 31.03.2015. The Corporate Debtor made interest payments until
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Corporate Debtor…
Corporate Debtor…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. Narendra Properties Limited (Financial Creditor) against M/s. Statco Infra Projects Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a debt of ₹92,75,000, including principal and interest. The Corporate Debtor contested the application, arguing that it was barred by limitation and alleging that the documents submitted by the Financial Creditor were forged. The Hon'ble High Court of Madras had previously set aside an earlier order admitting the application and remanded the proceedings back to the NCLT for fresh consideration.
M/s. Narendra Properties Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Statco Infra Projects Private Limited (Corporate Debtor) claiming a debt of ₹92,75,000, which included a principal sum of ₹50,00,000 and interest of ₹42,75,000 calculated at 18% per annum as of 28.02.2018. The debt originated from a loan requested by the Corporate Debtor on 01.08.2011. The Corporate Debtor made some repayments, reducing the principal to ₹50,00,000. The Corporate Debtor issued a fresh promissory note for ₹50,00,000 on 01.04.2013. The Corporate Debtor also confirmed its outstanding balance in letters dated 04.04.2012, 26.04.2013, 31.03.2014, and 31.03.2015. The Corporate Debtor made interest payments until
…Corporate Debtor…
Corporate Debtor…