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NATIONAL COMPANY LAW TRIBUNAL
Umesh Kumar Shukla, Member (Technical), Kishore Vemulapalli, Member (Judicial)
SREI Equipment Finance Limited – Appellant
Versus
Kothavalsa Infraventures Private Limited – Respondent
| Table of Content |
|---|
| 1. petition filed by financial creditor. (Para 1 , 2 , 3) |
| 2. defendant's reply and assertions. (Para 4 , 5 , 6 , 7 , 8) |
| 3. criteria for financial debt and default. (Para 15 , 16) |
| 4. petition dismissed as premature. (Para 19 , 20) |
ORDER
[PER: BENCH]
The instant Petition has been filed on 23.02.2024 (vide Dairy No. 239) by SREI Equipment Finance Limited (hereinafter referred to as the “Financial Creditor” or “Petitioner”) under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC” or “Code”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as the “IB Rules”) seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred to as the “CIRP”) against Kothavalsa Infraventures Private Limited (hereinafter referred to as the “Corporate Debtor” or “Respondent”) for having defaulted payment of outstanding dues of Rs.4,19,69,80,322/- (Rupees Four Hundred Nineteen Crores Sixty Nine Lakhs Eighty Thousand Three Hundred Twenty Two only) as on 04.12.2023
2. The Corporate Debtor is a Company incorporated on 21.11.2014 under the provisions of Companies Ac
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