The case involves an appeal against an order dated 22.08.2019 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, which rejected an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Appellants, claiming to be Financial Creditors, filed the application against Manasadevi Bakers Pvt. Ltd., the Corporate Debtor. The NCLT rejected the application based on findings related to the nature of the loan, a subordination agreement with Canara Bank, and internal disputes among the Corporate Debtor's directors.
Abhishek Agarwal, Ashish Kumar Agarwal, and Neha Agarwal (the Appellants) claimed to be financial creditors of Manasadevi Bakers Pvt. Ltd. (the Corporate Debtor). They filed an application under Section 7 of the IBC before the NCLT, Hyderabad, seeking to initiate corporate insolvency resolution process (CIRP). The Appellants claimed to have disbursed an unsecured loan of Rs.66,75,000/- to the Corporate Debtor, reflected in the Corporate Debtor's financial statements from 2006-2007 to 2015-2016. They claimed that with interest, the amount due was Rs.1,47,881,477/-. The Corporate Debtor, through Vishnu Dutt Gupta and Ajay Kumar Agarwal, filed counter-claims, disputing the authorization of Vishnu Dutt Gupta and highlighting a subordination agreement with Canara Bank. The
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The case involves an appeal against an order dated 22.08.2019 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, which rejected an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Appellants, claiming to be Financial Creditors, filed the application against Manasadevi Bakers Pvt. Ltd., the Corporate Debtor. The NCLT rejected the application based on findings related to the nature of the loan, a subordination agreement with Canara Bank, and internal disputes among the Corporate Debtor's directors.
Abhishek Agarwal, Ashish Kumar Agarwal, and Neha Agarwal (the Appellants) claimed to be financial creditors of Manasadevi Bakers Pvt. Ltd. (the Corporate Debtor). They filed an application under Section 7 of the IBC before the NCLT, Hyderabad, seeking to initiate corporate insolvency resolution process (CIRP). The Appellants claimed to have disbursed an unsecured loan of Rs.66,75,000/- to the Corporate Debtor, reflected in the Corporate Debtor's financial statements from 2006-2007 to 2015-2016. They claimed that with interest, the amount due was Rs.1,47,881,477/-. The Corporate Debtor, through Vishnu Dutt Gupta and Ajay Kumar Agarwal, filed counter-claims, disputing the authorization of Vishnu Dutt Gupta and highlighting a subordination agreement with Canara Bank. The
…Order passed by National Company Law…
Appellants sen…
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