The appeal arises from an order dated 2024-06-12 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-II) in I.A. No. 3602/2022 in C.P. No. 50(PB) of 2021. The Adjudicating Authority allowed I.A. No. 3602 of 2022 under Section 65 of IBC, terminating the Corporate Insolvency Resolution Proceedings (CIRP) initiated against the Corporate Debtor. The CIRP was initiated on 2022-05-17 based on Section 7 proceedings filed by Acute Daily Media Pvt. Ltd. and other financial creditors against Sharp Eye Advertising Pvt. Ltd. The Appellants had purportedly advanced loans to the Corporate Debtor, which were defaulted upon. Respondent No.1, Rockman Advertising, filed an application under Section 65 of the IBC seeking termination of the CIRP, alleging
…Acute Daily Media Pvt. Ltd. and others (Appellants) filed an appeal against an order passed by the Adjudicating Authority (NCLT, New Delhi Bench-II) on 2024-06-12. The NCLT order terminated the Corporate Insolvency Resolution Process (CIRP) of Sharp Eye Advertising Pvt. Ltd. (Corporate Debtor) based on an application under Section 65 of the Insolvency and Bankruptcy Code (IBC). The CIRP had been initiated on 2022-05-17, following a Section 7 application by Acute Daily Media Pvt. Ltd. and other financial creditors, claiming that Sharp Eye Advertising had defaulted on loan repayments. The Appellants claimed to have disbursed loans to the Corporate Debtor under loan agreements signed on various dates in 2016 and 2019, totaling Rs. 1,20,90,682/- including interest. Rockman
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CIRP initiated against…
The appeal arises from an order dated 2024-06-12 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-II) in I.A. No. 3602/2022 in C.P. No. 50(PB) of 2021. The Adjudicating Authority allowed I.A. No. 3602 of 2022 under Section 65 of IBC, terminating the Corporate Insolvency Resolution Proceedings (CIRP) initiated against the Corporate Debtor. The CIRP was initiated on 2022-05-17 based on Section 7 proceedings filed by Acute Daily Media Pvt. Ltd. and other financial creditors against Sharp Eye Advertising Pvt. Ltd. The Appellants had purportedly advanced loans to the Corporate Debtor, which were defaulted upon. Respondent No.1, Rockman Advertising, filed an application under Section 65 of the IBC seeking termination of the CIRP, alleging
…Acute Daily Media Pvt. Ltd. and others (Appellants) filed an appeal against an order passed by the Adjudicating Authority (NCLT, New Delhi Bench-II) on 2024-06-12. The NCLT order terminated the Corporate Insolvency Resolution Process (CIRP) of Sharp Eye Advertising Pvt. Ltd. (Corporate Debtor) based on an application under Section 65 of the Insolvency and Bankruptcy Code (IBC). The CIRP had been initiated on 2022-05-17, following a Section 7 application by Acute Daily Media Pvt. Ltd. and other financial creditors, claiming that Sharp Eye Advertising had defaulted on loan repayments. The Appellants claimed to have disbursed loans to the Corporate Debtor under loan agreements signed on various dates in 2016 and 2019, totaling Rs. 1,20,90,682/- including interest. Rockman
…Case file…
CIRP initiated against…