The appeal challenges the order dated 09.02.2023 passed by the Adjudicating Authority (NCLT, Mumbai Bench) which allowed I.A. No. 2973 of 2022 filed by the Corporate Debtor, Jayaswal Neco Industries Limited (JNIL), dismissing the Section 7 application filed by the Appellant.
An Indenture of Family Settlement (IFS) was executed between Basant Lal Shaw (BLS) and his sons, dividing the Jayaswal Family into two groups: BLS Group and MKJ Group.
Under the IFS, BLS Group was allotted Jayaswal Neco Industries Limited (JNIL), and MKJ Group was allotted Corporate Ispat Alloys Limited (CIAL).
The IFS provided that JNIL would be entitled to the Strip Mill Division of CIAL, which was to be demerged from CIAL and amalgamated with JNIL.
JNIL made payments to CIAL towards lease rental for the Strip Mill Division until 31st August, 2010, after which it stopped making payments.
Between August, 2010 and December, 2012, CIAL made payments to its lenders of the Strip Mill Division amounting to Rs. 104,43,67,347.94/-.
…Sign in to view the parties.
Order dated 09.02.2023 passed by the…
Judgement Dat…
The appeal challenges the order dated 09.02.2023 passed by the Adjudicating Authority (NCLT, Mumbai Bench) which allowed I.A. No. 2973 of 2022 filed by the Corporate Debtor, Jayaswal Neco Industries Limited (JNIL), dismissing the Section 7 application filed by the Appellant.
An Indenture of Family Settlement (IFS) was executed between Basant Lal Shaw (BLS) and his sons, dividing the Jayaswal Family into two groups: BLS Group and MKJ Group.
Under the IFS, BLS Group was allotted Jayaswal Neco Industries Limited (JNIL), and MKJ Group was allotted Corporate Ispat Alloys Limited (CIAL).
The IFS provided that JNIL would be entitled to the Strip Mill Division of CIAL, which was to be demerged from CIAL and amalgamated with JNIL.
JNIL made payments to CIAL towards lease rental for the Strip Mill Division until 31st August, 2010, after which it stopped making payments.
Between August, 2010 and December, 2012, CIAL made payments to its lenders of the Strip Mill Division amounting to Rs. 104,43,67,347.94/-.
…Order dated 09.02.2023 passed by the…
Judgement Dat…