# In the matter of Anil Nanda Vs Hari Kishan Sharma & Ors. CA (AT) Insolvency) No. 167-2018

> NCLAT judgment dated 2018-11-29. Citation: TCN-2018-NCLAT-00045. The case involves an appeal against an order passed by the Adjudicating Authority (National…

- **Court:** NCLAT
- **Order date:** 29 Nov 2018
- **Citation:** TCN-2018-NCLAT-00045
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anil-nanda-vs-hari-kishan-sharma-ors-ca-a87e3f25

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in admitting the application under Section 9 of the …

**Ratio:** The ratio is based on the interpretation of Sections 7, 8, and 9 of the Insolvency and

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**Reasoning:** The court reasoned that the Corporate Debtor did not dispute the existence of the debt,

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**Interpretation:** The interpretation involves understanding the scheme of the I&B Code, which

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Anil N…
- **Respondents:** AKME PROJECTS…; Hari Kishan…

## Timeline

- **2018-04-17 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal) passed an order admitting the…
- **2018-11-29 — Appeal Dis…**: The appellate tribunal dismissed the appeal filed by Mr. Anil Nanda, upholding the order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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