The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Intec Capital Limited (the financial creditor) against Delco Infrastructure Projects Ltd. (the corporate debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). Intec Capital Limited, a Non-Banking Financial Company, claimed that Delco Infrastructure Projects Ltd. defaulted on loan repayments under three loan agreements. The corporate debtor raised objections, including disputes over the date of default, the NPA classification, and the completeness of the financial creditor's documentation. The financial creditor argued that a default had occurred and that the application met the requirements of the IBC.
Intec Capital Limited, a Non-Banking Financial Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Delco Infrastructure Projects Ltd. Delco Infrastructure Projects Ltd. allegedly defaulted on loan repayments under three loan agreements with Intec Capital Limited. The loan agreements were executed on different dates, with varying disbursement amounts and EMI schedules. The applicant provided loan facility to the respondent corporate debtor and entered into 3 loan agreements. The corporate debtor failed to maintain adequate amounts in its bank account, leading to dishonored cheques and ACH mandates. The applicant sent separate notices dated 01.10.2019 to the
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The Insolven…
Loan Agreement…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Intec Capital Limited (the financial creditor) against Delco Infrastructure Projects Ltd. (the corporate debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). Intec Capital Limited, a Non-Banking Financial Company, claimed that Delco Infrastructure Projects Ltd. defaulted on loan repayments under three loan agreements. The corporate debtor raised objections, including disputes over the date of default, the NPA classification, and the completeness of the financial creditor's documentation. The financial creditor argued that a default had occurred and that the application met the requirements of the IBC.
Intec Capital Limited, a Non-Banking Financial Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Delco Infrastructure Projects Ltd. Delco Infrastructure Projects Ltd. allegedly defaulted on loan repayments under three loan agreements with Intec Capital Limited. The loan agreements were executed on different dates, with varying disbursement amounts and EMI schedules. The applicant provided loan facility to the respondent corporate debtor and entered into 3 loan agreements. The corporate debtor failed to maintain adequate amounts in its bank account, leading to dishonored cheques and ACH mandates. The applicant sent separate notices dated 01.10.2019 to the
…The Insolven…
Loan Agreement…