IN RE Vs. LML LIMITED

JUDGEMENT

(1.) The present Application is filed by the Corporate Applicant/Corporate Debtor under Section 10 of Insolvency and Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

(2.) The Corporate Debtor/Applicant submits that total amount of Debt is Rs. 35121.91 Lacs, it has committed default in making payment of Principal Amount of Rs. 10308.82 Lacs further interest amount of Rs. 23900.31 Lacs. The same being in excess of Rs. 1,00,000/- (Rs. 1 lac) the corporate applicant has eligibility to initiate for the Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016.

(3.) The brief facts raising to the present Application are described in brief as under: