This is an appeal against the order dated 14th July, 2022, passed by the National Company Law Tribunal, Kolkata Bench, Kolkata. The appellant challenges the order, arguing that under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, Regulation 2-A, they were not required to file necessary documents to prove the evidence of default at the time of application filing in 2019, as Regulation 2-A was not yet in effect. They also contend that the admission of Rs. 2 Crores was only with regard to the amount and does not imply liability of the Corporate Debtor.
The Appellant filed an appeal against the order dated 14th July, 2022, passed by the National Company Law Tribunal, Kolkata Bench, Kolkata. The appellant argued that they were not required to file necessary documents to prove the evidence of default under Regulation 2-A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, because the application was filed in 2019 before the regulation came into effect. The appellant also contended that the admission of Rs. 2 Crores was only with regard to the amount and does not imply liability of the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had defaulted on payments exceeding Rs. 2 Crores, but the Appellant argued that there was no
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Order passed by the National Company Law…
Learned Counsel…
This is an appeal against the order dated 14th July, 2022, passed by the National Company Law Tribunal, Kolkata Bench, Kolkata. The appellant challenges the order, arguing that under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, Regulation 2-A, they were not required to file necessary documents to prove the evidence of default at the time of application filing in 2019, as Regulation 2-A was not yet in effect. They also contend that the admission of Rs. 2 Crores was only with regard to the amount and does not imply liability of the Corporate Debtor.
The Appellant filed an appeal against the order dated 14th July, 2022, passed by the National Company Law Tribunal, Kolkata Bench, Kolkata. The appellant argued that they were not required to file necessary documents to prove the evidence of default under Regulation 2-A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, because the application was filed in 2019 before the regulation came into effect. The appellant also contended that the admission of Rs. 2 Crores was only with regard to the amount and does not imply liability of the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had defaulted on payments exceeding Rs. 2 Crores, but the Appellant argued that there was no
…Order passed by the National Company Law…
Learned Counsel…