Janata Sahakari Bank Limited Vs Quickspace Technologies F1 Works Private Limited (NCLT Mumbai)
Summary: The National Company Law Tribunal, Mumbai Bench-VI admitted C.P. (IB)/1238/MB/2025 filed by Janata Sahakari Bank Limited, Pune under Section 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 Quickspace Technologies F1 Works Private Limited.
The Financial Creditor stated that the Corporate Debtor had availed consortium credit facilities aggregating Rs.51 crore, comprising Rs.26 crore sanctioned by The Cosmos Co-operative Bank Ltd. and Rs.25 crore sanctioned by Janata Sahakari Bank Ltd. The Applicant had sanctioned a Project Cash Credit Limit of Rs.10 crore and a Bank Guarantee facility of Rs.15 crore, with the Project Cash Credit facility being disbursed from 01.06.2023 onwards. The date of default was stated as 02.07.2024 and the account was classified as NPA on 01.10.2024. The amount claimed in default was Rs.11,83,52,991.56.
The Applicant supported its case with the master data of the Corporate Debtor, facility and cash credit/overdraft agreements, recall notice, CIBIL report, Section 13(2) notice under the SARFAESI Act, statement of account, certificate under the Bankers Books Evidence Act, demand promissory note, hypothecation agreements, consortium inter-se agreement and joint deed of hypothecation.
