Case Law Details
Desh Bhushan Jain Vs Abhay Kumar (NCLAT Delhi)
The case “Desh Bhushan Jain vs. Abhay Kumar” involves an appeal by the erstwhile Director of Angel Promoters Pvt. Ltd. (Corporate Debtor, CD) against an order passed by the National Company Law Tribunal (NCLT) Delhi, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). This application was filed by multiple financial creditors seeking resolution for a loan default amounting to Rs. 3,34,07,686, including interest. The NCLT’s order imposed a moratorium and appointed Abhay Kumar as the Interim Resolution Professional (IRP).
Background
In 2015, Angel Promoters Pvt. Ltd. availed a loan of Rs. 3,25,00,000 from the financial creditors. However, the CD defaulted in repaying the loan, prompting the financial creditors to file a petition under Section 7 of the IBC (first petition). During the pendency of this petition, both parties reached a settlement on July 26, 2018, agreeing that the CD would pay Rs. 4,34,00,000 towards the loan amount, plus Rs. 49,27,988 as interest, through a series of post-dated cheques.
Settlement Agreement and Default
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