HDFC Bank Limited Vs Dhanlaxmi Electricals Private Limited (NCLT Mumbai)
NCLT Mumbai held that application filed under section 7 of the Insolvency and Bankruptcy Code by Financial Creditor for initiation of Corporate Insolvency Resolution Process [CIRP] against Corporate Debtor is admitted as debt and default thereof proved.
Facts- This Application has been filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC/Code) by HDFC Bank Limited, the Financial Creditor (FC), for initiation of Corporate Insolvency Resolution Process (CIRP) in respect of Dhanlaxmi Electricals Private Limited the Corporate Debtor (CD), for an alleged default of Rs.9,60,86,480.83/-.
Conclusion- Held that there is nothing to show that the CD has ever replied to the said notice or refuted the amount of claim by the FC, at the very first opportunity, if they had any dispute as regards default amount or the date of default. In view of the above, it is observed that, on the loan applications submitted by the CD, the FC granted various commercial loan facilities under different Loan Agreements. The CD availed the facility; however, it failed to repay the dues on time. Hence, we have come to a definite conclusion that the CD has committed default in repayment of the debt due to the FC.
