BENGALURU: The National Company Law Tribunal (NCLT) Bengaluru Bench has admitted Captain GR Gopinath’s Deccan Charters, a Bengaluru-based company that operates chartered helicopters and fixed-wing charter services, into Corporate Insolvency Resolution Process under IBC. This was for anoutstanding default amount of over Rs 9.82 crore.
Manish Kumar appointed as the Interim Resolution professional to carry the functions.
G R Gopinath, along with other directors, approached Krone Finstoc requesting that they were in need of a loan of Rs 5 crore. The Bench observed based on representation and warranties of the corporate debtor, financial creditor (Krone) initially forwarded a sum of Rs 50 lakh in 2018 and subsequently, a loan agreement was entered between Krone and Deccan Charters. Krone released another Rs 50 lakh and Rs 4 crore in the same year.
Deccan Charters paid a sum of Rs 3,07,800 to Krone, which was adjusted against accrued interest. However, Deccan Charters failed to make payment as per terms laid out in agreement. In October 2020 after a series of talks, it handed over 4 cheques of Rs 1 crore each, but cheques were dishonoured on Nov 3, 2020.
A business transfer agreement was entered into between the respondent (Deccan Charters) and GMDAPL (GSEC Monarch Deccan Aviation Private Limited), in 2019, wherein as per clause 1 of the BTA, GMDAPL agreed to undertake 100% of the assets and liabilities of the business undertaking of “Air Deccan” and settle all the liabilities of the respondent which included the liability of repayment of debt ie, loan disbursed by the Applicant.