The case involves an application filed by Krone Finstock Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Deccan Charters Private Limited (Corporate Debtor) due to a default of Rs. 9,82,24,077.47/-. The Corporate Debtor raised objections, primarily arguing that a Business Transfer Agreement (BTA) transferred the liability to GMDAPL, and the Tribunal lacks jurisdiction due to an ongoing arbitration. The Financial Creditor refuted the BTA's validity without their consent and highlighted the Corporate Debtor's default and dishonored cheques.
Krone Finstock Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Deccan Charters Private Limited (Corporate Debtor) for a default of Rs. 9,82,24,077.47/-. The Financial Creditor is a Non-Banking Finance Company. The Corporate Debtor is engaged in the business of operation of chartered helicopters and fixed-wing charter services. The loan agreement was entered on 31.07.2018. The Financial Creditor disbursed loan amounts to the Corporate Debtor via NEFT on multiple dates in August 2018. The Corporate Debtor initially paid Rs. 3,07,800/- on 01.09.2018, adjusted against accrued interest. The Corporate Debtor handed over 4 cheques dated 28.10.2020 for Rs. 1,00,00,000/- each, which were dishonored on
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Loan Agreement was…
Financial Creditor…
The case involves an application filed by Krone Finstock Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Deccan Charters Private Limited (Corporate Debtor) due to a default of Rs. 9,82,24,077.47/-. The Corporate Debtor raised objections, primarily arguing that a Business Transfer Agreement (BTA) transferred the liability to GMDAPL, and the Tribunal lacks jurisdiction due to an ongoing arbitration. The Financial Creditor refuted the BTA's validity without their consent and highlighted the Corporate Debtor's default and dishonored cheques.
Krone Finstock Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Deccan Charters Private Limited (Corporate Debtor) for a default of Rs. 9,82,24,077.47/-. The Financial Creditor is a Non-Banking Finance Company. The Corporate Debtor is engaged in the business of operation of chartered helicopters and fixed-wing charter services. The loan agreement was entered on 31.07.2018. The Financial Creditor disbursed loan amounts to the Corporate Debtor via NEFT on multiple dates in August 2018. The Corporate Debtor initially paid Rs. 3,07,800/- on 01.09.2018, adjusted against accrued interest. The Corporate Debtor handed over 4 cheques dated 28.10.2020 for Rs. 1,00,00,000/- each, which were dishonored on
…Loan Agreement was…
Financial Creditor…