IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Jupiter Leys Private Limited, the Corporate Debtor. The application seeks to admit the case, initiate CIRP, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Financial Creditor (IDBI) claims that the Corporate Debtor (Jupiter Leys) defaulted on a loan facility amounting to Rs. 44,52,67,587.66 as of 05.05.2023. The Corporate Debtor raised objections, including the validity of the authority letter and the claim being barred by limitation.
IDBI Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Jupiter Leys Private Limited (Corporate Debtor). The Financial Creditor sanctioned a loan facility of Rs. 15.5 crores to the Corporate Debtor on 24.09.2009 and 30.09.2014. The Corporate Debtor created an equitable mortgage on properties on 03.11.2009, 20.07.2010, and 22.02.2011, and hypothecated its current assets on 24.09.2009 and 30.09.2014. The Corporate Debtor's directors, Mr. Vinu Sagar and Mr. T V Vijayan, executed personal guarantees. The Corporate Debtor acknowledged the debt as long-term borrowings in its balance sheets as of 31.03.2019, 31.03.2020, and 31.03.2021. The
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IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Jupiter Leys Private Limited, the Corporate Debtor. The application seeks to admit the case, initiate CIRP, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Financial Creditor (IDBI) claims that the Corporate Debtor (Jupiter Leys) defaulted on a loan facility amounting to Rs. 44,52,67,587.66 as of 05.05.2023. The Corporate Debtor raised objections, including the validity of the authority letter and the claim being barred by limitation.
IDBI Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Jupiter Leys Private Limited (Corporate Debtor). The Financial Creditor sanctioned a loan facility of Rs. 15.5 crores to the Corporate Debtor on 24.09.2009 and 30.09.2014. The Corporate Debtor created an equitable mortgage on properties on 03.11.2009, 20.07.2010, and 22.02.2011, and hypothecated its current assets on 24.09.2009 and 30.09.2014. The Corporate Debtor's directors, Mr. Vinu Sagar and Mr. T V Vijayan, executed personal guarantees. The Corporate Debtor acknowledged the debt as long-term borrowings in its balance sheets as of 31.03.2019, 31.03.2020, and 31.03.2021. The
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The date of default of…