A Company Petition C.P. (IB) No. 290/2023 was filed on 10.04.2023 under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Omkara Assets Reconstruction Private Limited seeking to initiate Corporate Insolvency Resolution Process against Neo Capricorn Plaza Private Limited.
Omkara Asset Reconstruction Private Limited filed a petition under Section 7 of the IBC to initiate CIRP against Neo Capricorn Plaza Private Limited.
The petition was based on a default in a Loan Agreement and ECLGS facility.
The Corporate Debtor defaulted on 15.10.2022 in favor of the ECLGS Facility.
The Financial Creditor issued a recall notice dated 15.02.2023, recalling the outstanding amounts.
The NCLAT set aside the initial admission order and directed the Adjudicating Authority to reconsider the matter.
The Corporate Debtor argued that the Financial Creditor excessively appropriated amounts towards the ECLGS facility.
The Corporate Debtor also argued that the Financial Creditor should have utilized the undisbursed DSRA amount.
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A Company Petition C.P. (IB) No. 290/2023 was…
This Tribunal admitted…
A Company Petition C.P. (IB) No. 290/2023 was filed on 10.04.2023 under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Omkara Assets Reconstruction Private Limited seeking to initiate Corporate Insolvency Resolution Process against Neo Capricorn Plaza Private Limited.
Omkara Asset Reconstruction Private Limited filed a petition under Section 7 of the IBC to initiate CIRP against Neo Capricorn Plaza Private Limited.
The petition was based on a default in a Loan Agreement and ECLGS facility.
The Corporate Debtor defaulted on 15.10.2022 in favor of the ECLGS Facility.
The Financial Creditor issued a recall notice dated 15.02.2023, recalling the outstanding amounts.
The NCLAT set aside the initial admission order and directed the Adjudicating Authority to reconsider the matter.
The Corporate Debtor argued that the Financial Creditor excessively appropriated amounts towards the ECLGS facility.
The Corporate Debtor also argued that the Financial Creditor should have utilized the undisbursed DSRA amount.
…A Company Petition C.P. (IB) No. 290/2023 was…
This Tribunal admitted…