The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Rotomac Exports Pvt. Ltd. (through its liquidator, Anil Goel) against Mohan Steels Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Rotomac Exports, claiming to be a financial creditor, alleges that Mohan Steels defaulted on a loan. Mohan Steels contested the application, arguing that Rotomac Exports is not a financial creditor, there was no financial debt, and the application is barred by Section 10A of the IBC. The application was initially filed on 23.03.2021.
Rotomac Exports Pvt. Ltd. (through its liquidator, Anil Goel) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mohan Steels Limited, claiming to be a financial creditor. Rotomac Exports had advanced a loan of Rs. 9.90 crores to Mohan Steels, secured by a Hypothecation Deed dated 19.04.2007. Mohan Steels made some repayments, but a significant amount remained outstanding. Mohan Steels argued that Rotomac Exports was not a financial creditor because the funds were disbursed under a Memorandum of Understanding (MOU) for rehabilitation, making Rotomac Exports a co-promoter and shareholder. The MOU was dated 12.03.2005. Mohan Steels also contended that the application was
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Rotomac Exports Pvt Ltd and Mohan Steels Ltd…
Mohan Steels executed a Hypothecation…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Rotomac Exports Pvt. Ltd. (through its liquidator, Anil Goel) against Mohan Steels Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Rotomac Exports, claiming to be a financial creditor, alleges that Mohan Steels defaulted on a loan. Mohan Steels contested the application, arguing that Rotomac Exports is not a financial creditor, there was no financial debt, and the application is barred by Section 10A of the IBC. The application was initially filed on 23.03.2021.
Rotomac Exports Pvt. Ltd. (through its liquidator, Anil Goel) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mohan Steels Limited, claiming to be a financial creditor. Rotomac Exports had advanced a loan of Rs. 9.90 crores to Mohan Steels, secured by a Hypothecation Deed dated 19.04.2007. Mohan Steels made some repayments, but a significant amount remained outstanding. Mohan Steels argued that Rotomac Exports was not a financial creditor because the funds were disbursed under a Memorandum of Understanding (MOU) for rehabilitation, making Rotomac Exports a co-promoter and shareholder. The MOU was dated 12.03.2005. Mohan Steels also contended that the application was
…Rotomac Exports Pvt Ltd and Mohan Steels Ltd…
Mohan Steels executed a Hypothecation…