Kotak Mahindra Bank Limited, the Appellant Financial Creditor, filed an appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC), against the judgment and order dated 8th January, 2020, of the National Company Law Appellate Tribunal (NCLAT), New Delhi. The NCLAT had allowed Company Appeal (AT) Insolvency No. 1349 of 2019 filed by the Respondent-Corporate Debtor, against an order dated 6th September, 2019, passed by the Adjudicating Authority/National Company Law Tribunal (NCLT) admitting the application being Company Petition No.(IB) 672/ND/2019 filed by the Appellant Financial Creditor under Section 7 of the IBC for initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The NCLAT held that the Section 7
…The Corporate Debtor was engaged in the manufacture of tempo and tractor components. In 2012-2013, it decided to expand its business and entered into negotiations with bankers for finance. The Appellant Financial Creditor offered financial assistance at a lower interest rate than the existing bankers. From November 2012, the Appellant Financial Creditor sanctioned loan facilities to the Corporate Debtor. Various loan and security documents were executed between the parties in November 2012 and May 2013. In February 2014, the Appellant Financial Creditor sanctioned credit/loan facilities aggregating Rs.2036.00 Lakhs. The Corporate Debtor defaulted in repayment, and the Appellant Financial Creditor declared the account as a non-performing asset (NPA) on 30th September
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The Corporate Debtor decided to expand its…
Employees of the Appellant Financial Creditor…
Kotak Mahindra Bank Limited, the Appellant Financial Creditor, filed an appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC), against the judgment and order dated 8th January, 2020, of the National Company Law Appellate Tribunal (NCLAT), New Delhi. The NCLAT had allowed Company Appeal (AT) Insolvency No. 1349 of 2019 filed by the Respondent-Corporate Debtor, against an order dated 6th September, 2019, passed by the Adjudicating Authority/National Company Law Tribunal (NCLT) admitting the application being Company Petition No.(IB) 672/ND/2019 filed by the Appellant Financial Creditor under Section 7 of the IBC for initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The NCLAT held that the Section 7
…The Corporate Debtor was engaged in the manufacture of tempo and tractor components. In 2012-2013, it decided to expand its business and entered into negotiations with bankers for finance. The Appellant Financial Creditor offered financial assistance at a lower interest rate than the existing bankers. From November 2012, the Appellant Financial Creditor sanctioned loan facilities to the Corporate Debtor. Various loan and security documents were executed between the parties in November 2012 and May 2013. In February 2014, the Appellant Financial Creditor sanctioned credit/loan facilities aggregating Rs.2036.00 Lakhs. The Corporate Debtor defaulted in repayment, and the Appellant Financial Creditor declared the account as a non-performing asset (NPA) on 30th September
…The Corporate Debtor decided to expand its…
Employees of the Appellant Financial Creditor…