The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Vejas Power projects Limited (Financial Creditor) against Vaayu Infrastructure LLP (Corporate Debtor). The financial creditor claimed a total debt of Rs. 268,88,44,690. The petition was admitted on 30.08.2019, initiating insolvency proceedings. Subsequently, the Corporate Debtor filed MA 2984/2019 seeking recall of the admission order and MA 3061/2019 seeking a stay on the 30.08.2019 order until MA 2984/2019 was decided.
On 27.05.2019, Vejas Power projects Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code against Vaayu Infrastructure LLP, claiming a debt of Rs. 268,88,44,690. The petition was admitted on 30.08.2019, initiating insolvency proceedings. Vaayu Infrastructure LLP then filed MA 2984/2019 on 03.09.2019 seeking recall of the admission order, arguing that it was not the principal borrower but only a guarantor and that it was not given a proper opportunity to be heard. They also filed MA 3061/2019 on 11.09.2019 seeking a stay on the 30.08.2019 order. The Corporate Debtor claimed the order copy was not available until 10.09.2019. The Financial Creditor argued that the Corporate Debtor was duly served with the petition and had failed to respond. The
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Vejas Power projects Limited filed a petition…
The NCLT admitted the petition and initiated…
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The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Vejas Power projects Limited (Financial Creditor) against Vaayu Infrastructure LLP (Corporate Debtor). The financial creditor claimed a total debt of Rs. 268,88,44,690. The petition was admitted on 30.08.2019, initiating insolvency proceedings. Subsequently, the Corporate Debtor filed MA 2984/2019 seeking recall of the admission order and MA 3061/2019 seeking a stay on the 30.08.2019 order until MA 2984/2019 was decided.
On 27.05.2019, Vejas Power projects Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code against Vaayu Infrastructure LLP, claiming a debt of Rs. 268,88,44,690. The petition was admitted on 30.08.2019, initiating insolvency proceedings. Vaayu Infrastructure LLP then filed MA 2984/2019 on 03.09.2019 seeking recall of the admission order, arguing that it was not the principal borrower but only a guarantor and that it was not given a proper opportunity to be heard. They also filed MA 3061/2019 on 11.09.2019 seeking a stay on the 30.08.2019 order. The Corporate Debtor claimed the order copy was not available until 10.09.2019. The Financial Creditor argued that the Corporate Debtor was duly served with the petition and had failed to respond. The
…Vejas Power projects Limited filed a petition…
The NCLT admitted the petition and initiated…
Sign in to view related legal provisions.