Page 605 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT Mumbai Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH

C.P. (I.B.) No. 69/7/NCLT/MAH/2017

Decided On: 21.04.2017

Applicant: Urban Infrastructure Trustee Ltd.
VS
Respondent: Neelkanth Township and Construction Pvt. Ltd.

Judges/Coram:
Hon'ble Sh. BSV Prakash Kumar, Member (J)

Counsels:
For Appellant/Petitioner/Plaintiff: Mr. Arif Doctor, Ms. Nirali Chopra, Learned Advocates

For Respondents/Defendant: Ms. Chaitrika Patki, Learned Advocate

ORDER

Hon'ble Sh. BSV Prakash Kumar, Member (J)

1. This Bench having pronounced the order of admission in the open court after hearing this Application;
the reasons for passing such order are as follows.

2. The financial creditor filed this CP against the corporate debtor, viz. Neelkanth Township and
Construction Pvt. Ltd to initiate Corporate Insolvency Resolution Process u/s 7 of Insolvency and

Bankruptcy Code, 2016 (I&BC) stating that the corporate debtor defaulted in redeeming the debenture
certificates issued by the corporate debtor on 26.12.2007, 13.2.2008 and 30.3.2009 on the dates of
maturity mentioned in the debenture certificates issued by the corporate debtor.

3. It is pertinent to mention that this financial creditor had filed CP 21/I&BP/2017 seeking the relief as
sought now, but whereas this Bench, by looking at the variation between the claim amount and default

amount, dismissed that application with an observation that application was filed showing claim amount
as Rs. 226,16,79,437 basing on the record and information disclosing default for repayment of principal

amount of 251crores. While dismissing the above application, this Bench gave liberty to the financial
creditor to file fresh application restricting its claim to 251crores to which record is available showing the
corporate debtor defaulted in redeeming the debentures as agreed.

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