The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-II, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code') filed by the Respondent, Mr. Hari Kishan Sharma, an Operational Creditor. The order also declared a moratorium and appointed an Interim Resolution Professional. The Appellant, Mr. Anil Nanda, a shareholder of the Corporate Debtor, M/s. AKME Projects Limited, challenged the order, arguing the existence of a dispute and contesting the interest claimed by the Operational Creditor.
Mr. Anil Nanda, a shareholder of M/s. AKME Projects Limited (the Corporate Debtor), appealed against an order by the Adjudicating Authority (NCLT) that admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Hari Kishan Sharma (the Operational Creditor). The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for a default amount of Rs. 12,22,146/- along with 18% interest from June 1, 2015. The Corporate Debtor claimed a financial crisis due to fraud by ex-employees and disputed the interest claimed. The Adjudicating Authority admitted the application, declared a moratorium, and appointed an Interim Resolution Professional. The Appellant argued the existence of a
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The Adjudicating Authority (National Company…
The appellate tribunal dismissed the appeal…
The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-II, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code') filed by the Respondent, Mr. Hari Kishan Sharma, an Operational Creditor. The order also declared a moratorium and appointed an Interim Resolution Professional. The Appellant, Mr. Anil Nanda, a shareholder of the Corporate Debtor, M/s. AKME Projects Limited, challenged the order, arguing the existence of a dispute and contesting the interest claimed by the Operational Creditor.
Mr. Anil Nanda, a shareholder of M/s. AKME Projects Limited (the Corporate Debtor), appealed against an order by the Adjudicating Authority (NCLT) that admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Hari Kishan Sharma (the Operational Creditor). The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for a default amount of Rs. 12,22,146/- along with 18% interest from June 1, 2015. The Corporate Debtor claimed a financial crisis due to fraud by ex-employees and disputed the interest claimed. The Adjudicating Authority admitted the application, declared a moratorium, and appointed an Interim Resolution Professional. The Appellant argued the existence of a
…The Adjudicating Authority (National Company…
The appellate tribunal dismissed the appeal…