This case involves an application filed by SREI Equipment Finance Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC) against AKR Construction Limited (Corporate Debtor), alleging non-payment of Rs. 2,77,77,89,288/-. The Financial Creditor claims to have granted credit facilities to the Corporate Debtor amounting to Rs. 43,96,27,959/-. The Corporate Debtor denies the debt, alleging that the Financial Creditor fabricated documents and that the claim is barred by limitation. The Corporate Debtor also contends that the Financial Creditor failed to provide necessary details regarding the disbursed amounts and the hypothecated vehicles.
SREI Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against AKR Construction Limited (Corporate Debtor), claiming a default of Rs. 2,77,77,89,288/-. The Financial Creditor asserts that it had extended credit facilities to the Corporate Debtor amounting to Rs. 43,96,27,959/- for business purposes. The Corporate Debtor allegedly executed Deeds of Hypothecation and created a charge on machinery and equipment. The Corporate Debtor failed to make repayments despite repeated requests. The Financial Creditor issued a demand notice dated 29.03.2022. The Corporate Debtor denies the debt, claiming the Financial Creditor fabricated documents, the claim is time-barred, and that the Financial Creditor
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This case involves an application filed by SREI Equipment Finance Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC) against AKR Construction Limited (Corporate Debtor), alleging non-payment of Rs. 2,77,77,89,288/-. The Financial Creditor claims to have granted credit facilities to the Corporate Debtor amounting to Rs. 43,96,27,959/-. The Corporate Debtor denies the debt, alleging that the Financial Creditor fabricated documents and that the claim is barred by limitation. The Corporate Debtor also contends that the Financial Creditor failed to provide necessary details regarding the disbursed amounts and the hypothecated vehicles.
SREI Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against AKR Construction Limited (Corporate Debtor), claiming a default of Rs. 2,77,77,89,288/-. The Financial Creditor asserts that it had extended credit facilities to the Corporate Debtor amounting to Rs. 43,96,27,959/- for business purposes. The Corporate Debtor allegedly executed Deeds of Hypothecation and created a charge on machinery and equipment. The Corporate Debtor failed to make repayments despite repeated requests. The Financial Creditor issued a demand notice dated 29.03.2022. The Corporate Debtor denies the debt, claiming the Financial Creditor fabricated documents, the claim is time-barred, and that the Financial Creditor
…The Financial Creditor…
The NCLT passed an…