AAJ LEGAL AND MANAGEMENT CONSULTANCY LLP (FORMERLY AAJ FINANCE AND CREDIT LTD.) Vs. KELTECH INFRASTRUCTURES LTD

JUDGEMENT

(1.) This appeal under Section 62 of the Insolvency and Bankruptcy Code 2016, hereinafter referred to as IBC, is against a final judgment and order dated 5th March 2020 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi, dismissing Company Appeal (AT) (INS.) No. 1248 of 2019 filed by the Appellant.

(2.) On or about 30.05.2013, a Memorandum of Understanding was executed by and between the Appellant, hereinafter referred to as the Financial Creditor, and the Respondent, hereinafter referred to as the Corporate Debtor, whereby the Financial Creditor agreed to grant the Corporate Debtor loan of Rs.50,00,000 with interest @ 2% per month.

(3.) To secure the aforesaid loan, the Corporate Debtor agreed to mortgage flats at the "Kumar Imperial Greens " at Greater Noida to the Financial Creditor.