Cause Title : Hi-tech Designs Pvt Ltd & S. K. Finserve Private Limited vs Sri Sai Car Sales Private Limited, Company Petition No. C.P. (IB)/278(KB)2022
Date of Judgment/Order : 12/07/2023
Corum : Smt. Bidisha Banerjee, Hon’ble Member (Judicial) & Shri Balraj Joshi, Hon’ble Member (Technical)
Citied:
- Indus Biotech Private Limited v. Kotak India Venture (Offshore) Fund, (2021) 6 SCC 436
- Innoventive Industries Ltd. v. ICICI Bank, 1 SCC 407: MANU/SC/1063/2017 (Para 27, 18, 29 and 30)
- Vishnu Oil Mill Private Ltd. v. Union of India, 2022 (4) RLW 3184 (Raj.)
- Lepakshi Knowledge Hub Pvt. Ltd. v. Global Emerging Markets India Ltd.
- K. Paramasivam v. The Karur Vysya Bank Ltd. 2022 SCC Online SC 1163
Background
Hi-tech Designs Pvt Ltd, the financial creditor no. 1 (FC1) had provided a loan of Rs. 1 cr to the Corporate Debtor (CD) against which the CD had issued a deed of guarantee and other documents confirming their liability. An amount of Rs. 87,17,049/- together with interest stands due to the FC1.
As for S. K. Finserve Private Limited, the financial creditor no. 2 (FC2), the Corporate Debtor (CD) had provided corporate guarantee to secure the dues of Union Motors, a partnership firm amounting to Rs. 73,15,327/- together with interest stands due to the FC2.
When the borrowers defaulted, the Financial Creditors after completing all formalities jointly filed application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Total Debt of the Corporate Debtor towards the Financial Creditors combined to Rs. 1,60,32,376/- together with the interest.
Judgment
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