Akzo Nobel India Ltd. filed an appeal against the order of the National Company Law Tribunal (NCLT), New Delhi, Bench-II, which rejected their Section 7 petition under the Insolvency and Bankruptcy Code (IBC) against Stan Cars Pvt. Ltd. The NCLT rejected the petition based on the ground of limitation.
An agreement was entered into between Akzo Nobel India Ltd. (Appellant) and Stan Cars Pvt. Ltd. (Respondent) on 21.11.2017, where the Appellant extended a trade advance.
The Appellant disbursed a Trade Advance of Rs. 2,40,50,000/- to the Respondent's bank account, to be adjusted over 5 years against sales of Rs. 6,50,00,000/-.
The Respondent executed a Promissory Note dated 21.11.2017 in favor of the Appellant for Rs. 2,53,50,000/- with 12% interest.
The Respondent allegedly failed to meet yearly sales targets, resulting in interest being levied on the unutilized amount.
The Respondent sent an email dated 27.12.2019 acknowledging the debt to the Appellant.
The Appellant filed a Section 7 petition against the Respondent on 28.10.2022.
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Agreement entered into…
Respondent executed a…
Akzo Nobel India Ltd. filed an appeal against the order of the National Company Law Tribunal (NCLT), New Delhi, Bench-II, which rejected their Section 7 petition under the Insolvency and Bankruptcy Code (IBC) against Stan Cars Pvt. Ltd. The NCLT rejected the petition based on the ground of limitation.
An agreement was entered into between Akzo Nobel India Ltd. (Appellant) and Stan Cars Pvt. Ltd. (Respondent) on 21.11.2017, where the Appellant extended a trade advance.
The Appellant disbursed a Trade Advance of Rs. 2,40,50,000/- to the Respondent's bank account, to be adjusted over 5 years against sales of Rs. 6,50,00,000/-.
The Respondent executed a Promissory Note dated 21.11.2017 in favor of the Appellant for Rs. 2,53,50,000/- with 12% interest.
The Respondent allegedly failed to meet yearly sales targets, resulting in interest being levied on the unutilized amount.
The Respondent sent an email dated 27.12.2019 acknowledging the debt to the Appellant.
The Appellant filed a Section 7 petition against the Respondent on 28.10.2022.
…Agreement entered into…
Respondent executed a…