The case pertains to an application filed by Omkara Assets Reconstruction Private Limited (initially filed by M/s L & T Finance Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Powerage Towers Limited, the Corporate Debtor. The applicant claims a default amount of Rs. 3,02,76,344/- including interest, with the default date being 10.06.2016. The Corporate Debtor opposed the application, contending that the amount claimed is not a debt and citing a settlement agreement with L&T Limited.
Omkara Assets Reconstruction Private Limited (originally L&T Finance Limited) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Powerage Towers Limited (Corporate Debtor). The claimed default amount is Rs. 3,02,76,344/- including interest, with a default date of 2016-06-10. The applicant had sanctioned two term loans and one vendor finance facility to the Corporate Debtor. The Corporate Debtor defaulted on these facilities. The Corporate Debtor opposed the application, arguing that the claimed amount is not a debt due to a settlement agreement with L&T Limited. The Corporate Debtor also submitted that the present application is not maintainable. The applicant
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The case pertains to an application filed by Omkara Assets Reconstruction Private Limited (initially filed by M/s L & T Finance Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Powerage Towers Limited, the Corporate Debtor. The applicant claims a default amount of Rs. 3,02,76,344/- including interest, with the default date being 10.06.2016. The Corporate Debtor opposed the application, contending that the amount claimed is not a debt and citing a settlement agreement with L&T Limited.
Omkara Assets Reconstruction Private Limited (originally L&T Finance Limited) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Powerage Towers Limited (Corporate Debtor). The claimed default amount is Rs. 3,02,76,344/- including interest, with a default date of 2016-06-10. The applicant had sanctioned two term loans and one vendor finance facility to the Corporate Debtor. The Corporate Debtor defaulted on these facilities. The Corporate Debtor opposed the application, arguing that the claimed amount is not a debt due to a settlement agreement with L&T Limited. The Corporate Debtor also submitted that the present application is not maintainable. The applicant
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