The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Aar Kay Industries (Prop. Indian Securities Ltd.) against Jatalia Global Venture Ltd., the corporate debtor, for default on a financial debt of Rs. 1 crore. The Adjudicating Authority initially dismissed the application as time-barred, but the NCLAT reversed this decision and directed the revival of the application. The financial creditor and the corporate debtor had a good relationship in 2017, and the financial creditor extended financial assistance to the corporate debtor to the extent of Rs. 1 crore for business at a 15% rate of interest. The amount was disbursed in two tranches of Rs. 50,00,000 each on 01.09.2017 and 19.09.2017. The corporate debtor
…Aar Kay Industries (Prop. Indian Securities Ltd.) extended a financial assistance of Rs. 1 crore to Jatalia Global Venture Ltd. in 2017, with disbursements of Rs. 50,00,000 on 01.09.2017 and Rs. 50,00,000 on 19.09.2017, carrying an interest rate of 15% per annum. Jatalia Global Venture Ltd. defaulted on the repayment of the loan. Aar Kay Industries filed an application under Section 7 of the IBC, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Jatalia Global Venture Ltd. The application was initially dismissed as time-barred but was later revived by the NCLAT. Jatalia Global Venture Ltd. acknowledged the debt in its balance sheet for the period ended 31.03.2018 and in a confirmation letter dated 01.04.2021. These acknowledgments are crucial
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Financial creditor extended financial assistance…
Rs. 50,00,000 d…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Aar Kay Industries (Prop. Indian Securities Ltd.) against Jatalia Global Venture Ltd., the corporate debtor, for default on a financial debt of Rs. 1 crore. The Adjudicating Authority initially dismissed the application as time-barred, but the NCLAT reversed this decision and directed the revival of the application. The financial creditor and the corporate debtor had a good relationship in 2017, and the financial creditor extended financial assistance to the corporate debtor to the extent of Rs. 1 crore for business at a 15% rate of interest. The amount was disbursed in two tranches of Rs. 50,00,000 each on 01.09.2017 and 19.09.2017. The corporate debtor
…Aar Kay Industries (Prop. Indian Securities Ltd.) extended a financial assistance of Rs. 1 crore to Jatalia Global Venture Ltd. in 2017, with disbursements of Rs. 50,00,000 on 01.09.2017 and Rs. 50,00,000 on 19.09.2017, carrying an interest rate of 15% per annum. Jatalia Global Venture Ltd. defaulted on the repayment of the loan. Aar Kay Industries filed an application under Section 7 of the IBC, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Jatalia Global Venture Ltd. The application was initially dismissed as time-barred but was later revived by the NCLAT. Jatalia Global Venture Ltd. acknowledged the debt in its balance sheet for the period ended 31.03.2018 and in a confirmation letter dated 01.04.2021. These acknowledgments are crucial
…Financial creditor extended financial assistance…
Rs. 50,00,000 d…