The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 by Amluckie Investment Company Limited (Financial Creditor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Skil Infrastructure Limited (Corporate Debtor). The petition was initially admitted, then set aside by NCLAT due to a settlement, and subsequently revived due to default in the settlement terms.
Amluckie Investment Company Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Skil Infrastructure Limited (Corporate Debtor) seeking initiation of CIRP. The Financial Creditor had sanctioned a loan of INR 2,00,00,000 to the Corporate Debtor in two tranches in April 2012. The Corporate Debtor issued loan acknowledgment letters and demand promissory notes. The repayment was initially due in October 2012. The Corporate Debtor failed to repay the loan on the due date and sought extensions. The Financial Creditor issued a legal notice in September 2019 recalling the entire amount of INR 3,70,32,768, which included accrued interest. The Corporate Debtor intermittently deposited TDS amounts on interest payable
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Financial Creditor sanctioned a loan of INR…
Financial Creditor issued a legal notice to…
The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 by Amluckie Investment Company Limited (Financial Creditor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Skil Infrastructure Limited (Corporate Debtor). The petition was initially admitted, then set aside by NCLAT due to a settlement, and subsequently revived due to default in the settlement terms.
Amluckie Investment Company Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Skil Infrastructure Limited (Corporate Debtor) seeking initiation of CIRP. The Financial Creditor had sanctioned a loan of INR 2,00,00,000 to the Corporate Debtor in two tranches in April 2012. The Corporate Debtor issued loan acknowledgment letters and demand promissory notes. The repayment was initially due in October 2012. The Corporate Debtor failed to repay the loan on the due date and sought extensions. The Financial Creditor issued a legal notice in September 2019 recalling the entire amount of INR 3,70,32,768, which included accrued interest. The Corporate Debtor intermittently deposited TDS amounts on interest payable
…Financial Creditor sanctioned a loan of INR…
Financial Creditor issued a legal notice to…