Kotak Mahindra Bank Limited (Financial Creditor) filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Kew Precision Parts Private Limited (Corporate Debtor) due to default on financial facilities. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) in September 2015. An One Time Settlement (OTS) was proposed and accepted in December 2018 for Rs. 25.55 Crores, but the Corporate Debtor failed to honor its terms. The Section 7 petition was initially admitted by the Adjudicating Authority, then set aside by the NCLAT on limitation grounds, and subsequently remanded by the Hon'ble Supreme Court for reconsideration of the applicability of Section 25(3) of the Indian Contract Act, 1872.
Kotak Mahindra Bank Limited sanctioned financial facilities of up to Rs. 20.36 Crores to Kew Precision Parts Private Limited.
Loan documents were executed between 23.11.2012 and 05.03.2014.
Kew Precision Parts Private Limited started defaulting on payments from June 2015.
The loan account of Kew Precision Parts Private Limited was classified as NPA on 30.09.2015.
Kotak Mahindra Bank Limited issued a Loan Recall Notice for Rs. 18,19,40,434/- on 09.10.2015.
A Demand Notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 19.11.2015, which was later withdrawn.
Kew Precision Parts Private Limited issued 10 cheques for Rs. 19,34,00,000/- as account payment, which were dishonoured, leading to pending Section 138 NI Act proceedings.
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Financial Creditor and Corporate Debtor executed…
Financial Creditor and Corporate Debtor executed…
Kotak Mahindra Bank Limited (Financial Creditor) filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Kew Precision Parts Private Limited (Corporate Debtor) due to default on financial facilities. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) in September 2015. An One Time Settlement (OTS) was proposed and accepted in December 2018 for Rs. 25.55 Crores, but the Corporate Debtor failed to honor its terms. The Section 7 petition was initially admitted by the Adjudicating Authority, then set aside by the NCLAT on limitation grounds, and subsequently remanded by the Hon'ble Supreme Court for reconsideration of the applicability of Section 25(3) of the Indian Contract Act, 1872.
Kotak Mahindra Bank Limited sanctioned financial facilities of up to Rs. 20.36 Crores to Kew Precision Parts Private Limited.
Loan documents were executed between 23.11.2012 and 05.03.2014.
Kew Precision Parts Private Limited started defaulting on payments from June 2015.
The loan account of Kew Precision Parts Private Limited was classified as NPA on 30.09.2015.
Kotak Mahindra Bank Limited issued a Loan Recall Notice for Rs. 18,19,40,434/- on 09.10.2015.
A Demand Notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 19.11.2015, which was later withdrawn.
Kew Precision Parts Private Limited issued 10 cheques for Rs. 19,34,00,000/- as account payment, which were dishonoured, leading to pending Section 138 NI Act proceedings.
…Financial Creditor and Corporate Debtor executed…
Financial Creditor and Corporate Debtor executed…