NCLT admits Endogram Leasing's insolvency plea against Alchemist Capital
This story was originally published at 20:36 IST on 1 August 2025
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NEW DELHI – The Chandigarh bench of the National Company Law Tribunal on Friday admitted Endogram Leasing and Trading Co. Pvt. Ltd.'s insolvency plea against Alchemist Capital Ltd., a company of the Alchemist group, for an unpaid amount of INR 55.7 million. The tribunal appointed Manoj Kumar Jain as the interim resolution professional of Alchemist Capital to carry out the functions as per the Insolvency and Bankruptcy Code, 2016.
"...we are of the considered view that there exists financial debt which is payable and has been defaulted by the respondent," said the tribunal. Endogram Leasing's application was filed within the limitation and is defect-free and it deserved to be admitted, the tribunal added.
Alchemist Capital obtaining an unsecured loan of INR 29.10 million from Endogram Leasing in 2011. Thereafter, Alchemist Capital neither repaid the principal nor paid any interest due from 2014, leading to an outstanding liability of INR 51.81 million.
Upon completion of the loan tenure, Endogram Leasing issued a demand letter to the debt-ridden company, asking the latter to repay the remaining amount. Alchemist Capital acknowledged the entire liability and requested time for repayment, also agreeing to pay interest at 15% per annum in case of default. Despite a further reminder, Alchemist Capital failed to discharge the liability and as a result, the corporate debtor defaulted on a total outstanding amount of INR 55.7 million thereby constituting a default under Section 3(12) of the Insolvency and Bankruptcy Code, 2016. End
Reported by Surya Tripathi
Edited by Ashish Shirke
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