Tata Capital Limited filed an application under Section 7 of the IBC, 2016, to initiate CIRP against Uttam Cylinders Private Limited, citing a default in debt repayment.
Tata Capital Limited filed an application under Section 7 of IBC, 2016 to initiate CIRP against Uttam Cylinders Private Limited.
The total amount of debt granted was Rs. 25,00,00,000/-.
The amount claimed to be in default was Rs. 19,23,29,846/- as of 07.12.2024.
The Corporate Debtor acknowledged the amount of debt and offered to settle the same.
The Corporate Debtor defaulted on 05.09.2024 when an installment was not paid.
The NCLT considered the judgment of the Supreme Court in M. Suresh Kumar Reddy vs. Canara Bank & Ors. regarding the occurrence of default.
The NCLT considered the judgment of NCLAT in Nakul Bharana Vs. National Asset Reconstruction Company Limited regarding acknowledgement of debt.
…Sign in to view the parties.
Order delive…
On 04.09.2025, after hearing the submission…
Tata Capital Limited filed an application under Section 7 of the IBC, 2016, to initiate CIRP against Uttam Cylinders Private Limited, citing a default in debt repayment.
Tata Capital Limited filed an application under Section 7 of IBC, 2016 to initiate CIRP against Uttam Cylinders Private Limited.
The total amount of debt granted was Rs. 25,00,00,000/-.
The amount claimed to be in default was Rs. 19,23,29,846/- as of 07.12.2024.
The Corporate Debtor acknowledged the amount of debt and offered to settle the same.
The Corporate Debtor defaulted on 05.09.2024 when an installment was not paid.
The NCLT considered the judgment of the Supreme Court in M. Suresh Kumar Reddy vs. Canara Bank & Ors. regarding the occurrence of default.
The NCLT considered the judgment of NCLAT in Nakul Bharana Vs. National Asset Reconstruction Company Limited regarding acknowledgement of debt.
…Order delive…
On 04.09.2025, after hearing the submission…