M/s. Morgan Securities & Credits Private Limited (Financial Creditor) filed a Section 7 IBC petition against BPL Limited (Corporate Debtor) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) for a financial debt of Rs. 13,23,70,00,924/-. The debt originated from bill discounting facilities provided in 2002-2003, with a default date of 14.06.2007. The Financial Creditor had previously invoked arbitration, which resulted in an award in its favor on 14.12.2016. This award was subsequently challenged by the Corporate Debtor up to the Supreme Court, which ultimately affirmed the award on 04.12.2025. The Financial Creditor also initiated execution proceedings and recovered substantial amounts (Rs. 168 Crores) during the appellate process.
M/s. BPL Display Devices Limited (BDDL) supplied goods to BPL Limited (Corporate Debtor).
BDDL and BPL Limited jointly approached M/s. Morgan Securities & Credits Private Limited (MSCPL) for bill discounting facilities.
Bill Discounting Agreements were sanctioned on 27.12.2002 for Rs. 6 Crores and on 11.06.2003 for Rs. 6.5 Crores.
Funds were disbursed against Bills of Exchange, with BDDL as Drawer and BPL Limited as Drawee, making both jointly and severally liable.
In case of default, a contractual interest rate of 36% per annum with monthly rests became payable.
The Corporate Debtor acknowledged its liability via a letter dated 02.02.2007.
MSCPL issued a Demand Notice on 06.06.2007 to BPL Limited and BDDL for Rs. 25,79,91,096/-.
The date of default was 14.06.2007.
…Sign in to view the parties.
Bill Discounting Facility of Rs. 6 Crores…
Additional Bill…
M/s. Morgan Securities & Credits Private Limited (Financial Creditor) filed a Section 7 IBC petition against BPL Limited (Corporate Debtor) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) for a financial debt of Rs. 13,23,70,00,924/-. The debt originated from bill discounting facilities provided in 2002-2003, with a default date of 14.06.2007. The Financial Creditor had previously invoked arbitration, which resulted in an award in its favor on 14.12.2016. This award was subsequently challenged by the Corporate Debtor up to the Supreme Court, which ultimately affirmed the award on 04.12.2025. The Financial Creditor also initiated execution proceedings and recovered substantial amounts (Rs. 168 Crores) during the appellate process.
M/s. BPL Display Devices Limited (BDDL) supplied goods to BPL Limited (Corporate Debtor).
BDDL and BPL Limited jointly approached M/s. Morgan Securities & Credits Private Limited (MSCPL) for bill discounting facilities.
Bill Discounting Agreements were sanctioned on 27.12.2002 for Rs. 6 Crores and on 11.06.2003 for Rs. 6.5 Crores.
Funds were disbursed against Bills of Exchange, with BDDL as Drawer and BPL Limited as Drawee, making both jointly and severally liable.
In case of default, a contractual interest rate of 36% per annum with monthly rests became payable.
The Corporate Debtor acknowledged its liability via a letter dated 02.02.2007.
MSCPL issued a Demand Notice on 06.06.2007 to BPL Limited and BDDL for Rs. 25,79,91,096/-.
The date of default was 14.06.2007.
…Bill Discounting Facility of Rs. 6 Crores…
Additional Bill…