The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Encore Asset Reconstruction Company Private Limited (Financial Creditor) against M/s New Tech Imports Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed default on a financial debt. The Corporate Debtor argued that the date of NPA classification should not be considered the date of default and cited an order from the Debt Recovery Tribunal (DRT) setting aside the NPA classification. The Adjudicating Authority considered whether the NPA classification could be considered a default under the IBC, whether a partial default is sufficient to trigger insolvency proceedings, and the impact of the
…The Financial Creditor, Encore Asset Reconstruction Company Private Limited, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s New Tech Imports Private Limited. The Financial Creditor claimed that the Corporate Debtor had defaulted on a financial debt. The Corporate Debtor was incorporated on 19.04.1995. The amount of default was Rs. 28,16,38,921/- as on 31.08.2022. The Financial Creditor had granted financial facilities to the Corporate Debtor vide Sanction Letter dated 17.11.2014, which was modified/revived multiple times. The Corporate Debtor acknowledged the outstanding debt of Rs. 21,31,27,507/- as on 13.07.2020. The Corporate Debtor started
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M/s New Tech Imports…
FC granted financial facilities to the CD vide…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Encore Asset Reconstruction Company Private Limited (Financial Creditor) against M/s New Tech Imports Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed default on a financial debt. The Corporate Debtor argued that the date of NPA classification should not be considered the date of default and cited an order from the Debt Recovery Tribunal (DRT) setting aside the NPA classification. The Adjudicating Authority considered whether the NPA classification could be considered a default under the IBC, whether a partial default is sufficient to trigger insolvency proceedings, and the impact of the
…The Financial Creditor, Encore Asset Reconstruction Company Private Limited, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s New Tech Imports Private Limited. The Financial Creditor claimed that the Corporate Debtor had defaulted on a financial debt. The Corporate Debtor was incorporated on 19.04.1995. The amount of default was Rs. 28,16,38,921/- as on 31.08.2022. The Financial Creditor had granted financial facilities to the Corporate Debtor vide Sanction Letter dated 17.11.2014, which was modified/revived multiple times. The Corporate Debtor acknowledged the outstanding debt of Rs. 21,31,27,507/- as on 13.07.2020. The Corporate Debtor started
…M/s New Tech Imports…
FC granted financial facilities to the CD vide…