The case concerns the dismissal of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) by the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT) on the grounds of limitation.
A Loan Agreement was entered into between IL & FS Financial Services Limited (appellant) and Adhunik Meghalaya Steels Private Limited (respondent) on 27.02.2015 for a term loan facility of Rs. 30 crores.
The loan was secured by a pledge of 8,10,804 shares of Adhunik Metaliks Ltd. in favor of the appellant.
The account of the respondent was declared as a Non-Performing Asset (NPA) on 01.03.2018.
The appellant filed a Section 7 IBC application on 15.01.2024, claiming a default amount of Rs. 55,45,97,395/- with the date of default as 01.03.2018.
The appellant argued that the Balance Sheet of F.Y. 2019-20, signed on 12.08.2020, constituted an acknowledgment of debt, and the application was filed within the extended limitation period due to orders passed by the Supreme Court.
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A Loan Agreement was entered into between IL &…
The account of Adhunik Meghalaya Steels Private…
The case concerns the dismissal of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) by the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT) on the grounds of limitation.
A Loan Agreement was entered into between IL & FS Financial Services Limited (appellant) and Adhunik Meghalaya Steels Private Limited (respondent) on 27.02.2015 for a term loan facility of Rs. 30 crores.
The loan was secured by a pledge of 8,10,804 shares of Adhunik Metaliks Ltd. in favor of the appellant.
The account of the respondent was declared as a Non-Performing Asset (NPA) on 01.03.2018.
The appellant filed a Section 7 IBC application on 15.01.2024, claiming a default amount of Rs. 55,45,97,395/- with the date of default as 01.03.2018.
The appellant argued that the Balance Sheet of F.Y. 2019-20, signed on 12.08.2020, constituted an acknowledgment of debt, and the application was filed within the extended limitation period due to orders passed by the Supreme Court.
…A Loan Agreement was entered into between IL &…
The account of Adhunik Meghalaya Steels Private…