Neil Industries Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jawan Mining and Construction Equipments Private Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan. The Financial Creditor claimed that the Corporate Debtor availed financial assistance of Rs. 5,95,00,000/- for working capital enhancement. The Corporate Debtor argued that the loan amounts were not due and payable on the date of filing the application, and that the demand notice was defective. The Corporate Debtor also alleged collusion between one of its directors and the Financial Creditor.
Neil Industries Limited (Financial Creditor) filed an application against Jawan Mining and Construction Equipments Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 5,95,00,000/- availed for working capital enhancement. The loan was disbursed in three tranches: Rs. 25,00,000 on 26.05.2015, Rs. 4,70,00,000 between 26.05.2017 and 03.11.2017, and Rs. 1,00,00,000 on 28.03.2018. The Financial Creditor issued a demand notice on 07.01.2019, claiming an outstanding amount of Rs. 6,44,80,166/- as of 31.12.2018. The Corporate Debtor argued that the loan amounts were not due and payable on the date of filing the application
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Neil Industries Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jawan Mining and Construction Equipments Private Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan. The Financial Creditor claimed that the Corporate Debtor availed financial assistance of Rs. 5,95,00,000/- for working capital enhancement. The Corporate Debtor argued that the loan amounts were not due and payable on the date of filing the application, and that the demand notice was defective. The Corporate Debtor also alleged collusion between one of its directors and the Financial Creditor.
Neil Industries Limited (Financial Creditor) filed an application against Jawan Mining and Construction Equipments Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 5,95,00,000/- availed for working capital enhancement. The loan was disbursed in three tranches: Rs. 25,00,000 on 26.05.2015, Rs. 4,70,00,000 between 26.05.2017 and 03.11.2017, and Rs. 1,00,00,000 on 28.03.2018. The Financial Creditor issued a demand notice on 07.01.2019, claiming an outstanding amount of Rs. 6,44,80,166/- as of 31.12.2018. The Corporate Debtor argued that the loan amounts were not due and payable on the date of filing the application
…Sanction lett…
Disbursement…