HDFC Bank Limited filed a petition under Section 7 of the IBC, 2016 to initiate Corporate Insolvency Resolution Process (CIRP) against Madhuvan Tieup Pvt Ltd. due to unpaid financial debt. The Adjudicating Authority admitted the application, leading to the declaration of a moratorium and appointment of an Interim Resolution Professional (IRP).
HDFC Bank Limited filed a petition under Section 7 of the IBC, 2016, claiming a default of Rs. 80,78,16,596.11/- as of 19.12.2022.
The Respondent, Madhuvan Tieup Pvt Ltd., was incorporated on 28.03.1996.
The Applicant Bank granted credit/loan facilities to the Respondent vide Sanction Letters dated 31.05.2017 and 11.05.2018.
The Respondent's account was classified as NPA on 27.12.2019.
The Respondent contended that the application was for recovery and not resolution, and that SARFAESI proceedings had been initiated.
The Respondent argued that the application was barred by Section 10A of IBC, 2016.
The Respondent claimed it was a Non-Banking Financial Company (NBFC).
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Order delive…
Sanction Lette…
HDFC Bank Limited filed a petition under Section 7 of the IBC, 2016 to initiate Corporate Insolvency Resolution Process (CIRP) against Madhuvan Tieup Pvt Ltd. due to unpaid financial debt. The Adjudicating Authority admitted the application, leading to the declaration of a moratorium and appointment of an Interim Resolution Professional (IRP).
HDFC Bank Limited filed a petition under Section 7 of the IBC, 2016, claiming a default of Rs. 80,78,16,596.11/- as of 19.12.2022.
The Respondent, Madhuvan Tieup Pvt Ltd., was incorporated on 28.03.1996.
The Applicant Bank granted credit/loan facilities to the Respondent vide Sanction Letters dated 31.05.2017 and 11.05.2018.
The Respondent's account was classified as NPA on 27.12.2019.
The Respondent contended that the application was for recovery and not resolution, and that SARFAESI proceedings had been initiated.
The Respondent argued that the application was barred by Section 10A of IBC, 2016.
The Respondent claimed it was a Non-Banking Financial Company (NBFC).
…Order delive…
Sanction Lette…