The case involves an appeal against the rejection of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the National Company Law Appellate Tribunal (NCLAT). The application was filed by Union Bank of India (Financial Creditor) against R.K. Infratel Ltd. (Corporate Debtor). The Corporate Debtor had taken loans from the Financial Creditor, which were later classified as a non-performing asset (NPA). The Financial Creditor filed an application under Section 7 of the IBC, which was admitted by the National Company Law Tribunal (NCLT). The Corporate Debtor appealed to the NCLAT, which rejected the appeal. The Corporate Debtor then appealed to the Supreme Court.
R.K. Infratel Ltd. (Corporate Debtor) is in the business of setting up underground fiber networks. Union Bank of India (Financial Creditor) sanctioned a loan of Rs. 4.5 crore to the Corporate Debtor on 08.12.2012, and another loan of Rs. 3.5 crore was granted and repaid on 28.05.2018. Subsequently, the Corporate Debtor was unable to settle the dues, and its account was declared an NPA on 30.09.2014. The Financial Creditor issued a recovery notice on 01.10.2014 and filed an application before the Debt Recovery Tribunal. On 25.04.2019, the Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 01.06.2020. The Corporate Debtor owed Rs. 24.62 crore as of 31.03.2019. The Corporate Debtor argued that the
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Union Bank of India…
Another loan of Rs. 3.5…
The case involves an appeal against the rejection of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the National Company Law Appellate Tribunal (NCLAT). The application was filed by Union Bank of India (Financial Creditor) against R.K. Infratel Ltd. (Corporate Debtor). The Corporate Debtor had taken loans from the Financial Creditor, which were later classified as a non-performing asset (NPA). The Financial Creditor filed an application under Section 7 of the IBC, which was admitted by the National Company Law Tribunal (NCLT). The Corporate Debtor appealed to the NCLAT, which rejected the appeal. The Corporate Debtor then appealed to the Supreme Court.
R.K. Infratel Ltd. (Corporate Debtor) is in the business of setting up underground fiber networks. Union Bank of India (Financial Creditor) sanctioned a loan of Rs. 4.5 crore to the Corporate Debtor on 08.12.2012, and another loan of Rs. 3.5 crore was granted and repaid on 28.05.2018. Subsequently, the Corporate Debtor was unable to settle the dues, and its account was declared an NPA on 30.09.2014. The Financial Creditor issued a recovery notice on 01.10.2014 and filed an application before the Debt Recovery Tribunal. On 25.04.2019, the Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 01.06.2020. The Corporate Debtor owed Rs. 24.62 crore as of 31.03.2019. The Corporate Debtor argued that the
…Union Bank of India…
Another loan of Rs. 3.5…