The case involves an appeal against an order dated 22.08.2019 passed by the National Company Law Tribunal, 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 of the Corporate Debtor, M/s. Manasadevi Bakers Pvt. Ltd., filed the application. Vishnu Dutt Gupta, a Director of the Corporate Debtor, opposed the application, claiming that the Appellants were related parties and that the loan was interest-free. The Adjudicating Authority found that the loan was indeed interest-free and that the Appellants were signatories to a Subordination Agreement with Canara Bank, which prevented them from claiming their dues until Canara Bank's dues were settled.
Abhishek Agarwal, Ashish Kumar Agarwal, and Neha Agarwal (the Appellants) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT), Hyderabad Bench, claiming to be Financial Creditors of M/s. Manasadevi Bakers Pvt. Ltd. (the Corporate Debtor). The Appellants claimed to have disbursed unsecured loans totaling Rs.66,75,000/- to the Corporate Debtor between 2006-2007 and 2015-2016, which with interest amounted to Rs.1,47,881,477/-. Vishnu Dutt Gupta, a Director of the Corporate Debtor, filed a counter, claiming that the loan was interest-free and that the Appellants were related parties. Ajay Kumar Agarwal also filed a counter admitting the dues but stating that the Appellants had executed a
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Order passed by National Company Law…
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The case involves an appeal against an order dated 22.08.2019 passed by the National Company Law Tribunal, 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 of the Corporate Debtor, M/s. Manasadevi Bakers Pvt. Ltd., filed the application. Vishnu Dutt Gupta, a Director of the Corporate Debtor, opposed the application, claiming that the Appellants were related parties and that the loan was interest-free. The Adjudicating Authority found that the loan was indeed interest-free and that the Appellants were signatories to a Subordination Agreement with Canara Bank, which prevented them from claiming their dues until Canara Bank's dues were settled.
Abhishek Agarwal, Ashish Kumar Agarwal, and Neha Agarwal (the Appellants) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT), Hyderabad Bench, claiming to be Financial Creditors of M/s. Manasadevi Bakers Pvt. Ltd. (the Corporate Debtor). The Appellants claimed to have disbursed unsecured loans totaling Rs.66,75,000/- to the Corporate Debtor between 2006-2007 and 2015-2016, which with interest amounted to Rs.1,47,881,477/-. Vishnu Dutt Gupta, a Director of the Corporate Debtor, filed a counter, claiming that the loan was interest-free and that the Appellants were related parties. Ajay Kumar Agarwal also filed a counter admitting the dues but stating that the Appellants had executed a
…Order passed by National Company Law…
Appellants sen…