The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Balaji Coal Private Limited (the Financial Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Swastik Coal Corporation Pvt Ltd (the Corporate Debtor). The Financial Creditor claimed a default amount of Rs. 3,43,45,700/- including interest, with the date of default stated as 11.12.2018.
Balaji Coal Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Swastik Coal Corporation Pvt Ltd. The claimed default amount was Rs. 3,43,45,700/- including interest, with the default date stated as 11.12.2018. The Financial Creditor presented letters from the Corporate Debtor acknowledging the debt and outlining a payment schedule. The Corporate Debtor disputed the existence of a contract/agreement and the date of default, also arguing that the Financial Creditor failed to provide a record of default with information utility. The NCLT considered the submissions and material on record, noting that the Corporate Debtor had acknowledged the debt in letters. The NCLT admitted the application, appointed
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The date of default as…
Hearing held be…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Balaji Coal Private Limited (the Financial Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Swastik Coal Corporation Pvt Ltd (the Corporate Debtor). The Financial Creditor claimed a default amount of Rs. 3,43,45,700/- including interest, with the date of default stated as 11.12.2018.
Balaji Coal Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Swastik Coal Corporation Pvt Ltd. The claimed default amount was Rs. 3,43,45,700/- including interest, with the default date stated as 11.12.2018. The Financial Creditor presented letters from the Corporate Debtor acknowledging the debt and outlining a payment schedule. The Corporate Debtor disputed the existence of a contract/agreement and the date of default, also arguing that the Financial Creditor failed to provide a record of default with information utility. The NCLT considered the submissions and material on record, noting that the Corporate Debtor had acknowledged the debt in letters. The NCLT admitted the application, appointed
…The date of default as…
Hearing held be…