The case involves a Company Petition (CP (IB) No. 27/7/HDB/2022) filed by SREI Equipment Finance Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Deepika Infratech Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default in repayment of a financial debt amounting to Rs. 51,59,08,328 as of 17.11.2021, based on eleven Master Facility Agreements (MFAs) dated 03.04.2019. The Corporate Debtor contested the claim, asserting that there was no default and that the debt had been repaid. The Corporate Debtor also raised issues regarding an arbitral award and the validity of hypothecation deeds. Several Interlocutory Applications (IAs) were
…SREI Equipment Finance Limited (Financial Creditor) filed a petition under Section 7 of the IBC against Deepika Infratech Private Limited (Corporate Debtor) claiming a default of Rs. 51,59,08,328 as of 17.11.2021. The claim was based on eleven Master Facility Agreements (MFAs) dated 03.04.2019. The Corporate Debtor argued that no default occurred, and the debt was repaid. An arbitral award dated 30.06.2021 awarded Rs. 14.27 crores to the Corporate Debtor, but the Financial Creditor contested this award, and the Calcutta High Court stayed its operation. The Corporate Debtor claimed to have repaid Rs. 68.03 crores on the same day as the MFA was executed (03.04.2019). The Financial Creditor argued that the Corporate Debtor's balance sheet for the period ending 31/3/2019
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Eleven Master Facility Agreements (MFAs) were…
An arbitral award was rendered in Case No.003 of…
The case involves a Company Petition (CP (IB) No. 27/7/HDB/2022) filed by SREI Equipment Finance Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Deepika Infratech Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default in repayment of a financial debt amounting to Rs. 51,59,08,328 as of 17.11.2021, based on eleven Master Facility Agreements (MFAs) dated 03.04.2019. The Corporate Debtor contested the claim, asserting that there was no default and that the debt had been repaid. The Corporate Debtor also raised issues regarding an arbitral award and the validity of hypothecation deeds. Several Interlocutory Applications (IAs) were
…SREI Equipment Finance Limited (Financial Creditor) filed a petition under Section 7 of the IBC against Deepika Infratech Private Limited (Corporate Debtor) claiming a default of Rs. 51,59,08,328 as of 17.11.2021. The claim was based on eleven Master Facility Agreements (MFAs) dated 03.04.2019. The Corporate Debtor argued that no default occurred, and the debt was repaid. An arbitral award dated 30.06.2021 awarded Rs. 14.27 crores to the Corporate Debtor, but the Financial Creditor contested this award, and the Calcutta High Court stayed its operation. The Corporate Debtor claimed to have repaid Rs. 68.03 crores on the same day as the MFA was executed (03.04.2019). The Financial Creditor argued that the Corporate Debtor's balance sheet for the period ending 31/3/2019
…Eleven Master Facility Agreements (MFAs) were…
An arbitral award was rendered in Case No.003 of…