M/s Neil Industries Limited ('Applicant'/'Financial Creditor') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') against M/s Jawan Mining and Construction Equipments Private Limited ('Respondent'/'Corporate Debtor'). The Financial Creditor claimed default in repayment of a loan amount. The Adjudicating Authority initially returned the petition, but the Hon'ble NCLAT set aside the order and directed the Adjudicating Authority to adjudicate the application on merits.
Neil Industries Limited, the Financial Creditor, claimed that Jawan Mining and Construction Equipments Pvt. Ltd., the Corporate Debtor, defaulted on a loan of Rs. 5,95,00,000. The loan was disbursed in three tranches: Rs. 25,00,000 on 20.05.2015, Rs. 4,70,00,000 on 22.05.2017, and Rs. 1,00,00,000 on 15.02.2018. The Financial Creditor issued a demand notice on 07.01.2019, seeking repayment of Rs. 6,44,80,166, which included principal and interest. The Corporate Debtor argued that the demand notice was invalid, the interest rates were incorrectly calculated, and there was no proper loan arrangement. The Corporate Debtor also alleged that a director, Mr. Himanshu Sharma, colluded with the Financial Creditor. The Corporate Debtor made some payments totaling Rs. 43,68,204,
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The Applicant f…
The Applicant issued a Demand Notice dated…
M/s Neil Industries Limited ('Applicant'/'Financial Creditor') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') against M/s Jawan Mining and Construction Equipments Private Limited ('Respondent'/'Corporate Debtor'). The Financial Creditor claimed default in repayment of a loan amount. The Adjudicating Authority initially returned the petition, but the Hon'ble NCLAT set aside the order and directed the Adjudicating Authority to adjudicate the application on merits.
Neil Industries Limited, the Financial Creditor, claimed that Jawan Mining and Construction Equipments Pvt. Ltd., the Corporate Debtor, defaulted on a loan of Rs. 5,95,00,000. The loan was disbursed in three tranches: Rs. 25,00,000 on 20.05.2015, Rs. 4,70,00,000 on 22.05.2017, and Rs. 1,00,00,000 on 15.02.2018. The Financial Creditor issued a demand notice on 07.01.2019, seeking repayment of Rs. 6,44,80,166, which included principal and interest. The Corporate Debtor argued that the demand notice was invalid, the interest rates were incorrectly calculated, and there was no proper loan arrangement. The Corporate Debtor also alleged that a director, Mr. Himanshu Sharma, colluded with the Financial Creditor. The Corporate Debtor made some payments totaling Rs. 43,68,204,
…The Applicant f…
The Applicant issued a Demand Notice dated…