In a recent ruling, the Chennai Bench of the National Company Law Tribunal (NCLT) admitted a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, initiating Corporate Insolvency Resolution Process (CIRP) against Carbyne Spartek Private Limited, the corporate guarantor for a ₹2.95 crore loan extended to Hyderabad FC’s operating entity.
The petition was filed by R.K. Purushothaman, the financial creditor, who had disbursed the loan to De Grande Sports Private Limited (DSPL), the principal borrower and owner of Hyderabad FC, under a loan agreement dated 09.09.2020. The loan carried an interest rate of 8% per annum and was backed by a corporate guarantee executed by Carbyne Spartek Private Limited…