Keeler Industries Limited Vs LDR Developers Private Limited (NCLT Allahabad)
NCLT Allahabad held that application under section 7 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against M/s. LDR Developers Private Limited [Corporate Debtor] admitted as debt and default proved.
Facts- This Application has been filed on 15.07.2021 by M/s Keeler Industries Limited (Applicant / Financial Creditor) u/s. 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 against M/s LDR Developers Private Limited (Respondent / Corporate Debtor) in Form 1 containing all the information as required in Part I, II, III, IV and V of the Form showing a total financial debt of Rs. 11,43,68,356/- as on 09.11.2019 with the date of default as specified in the application being 25.11.2019.
Conclusion- The Applicant / Financial Creditor has proved that there is a ‘debt’ and ‘default’ on the part of the Corporate Debtor. Hence, as per Section 7(5) of IBC, 2016, the present application is found to be fulfilling all the conditions for admissions of the Application and initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor i.e. LDR Developers Private Limited.
