This case involves an appeal against the order dated 26.03.2021 passed by the National Company Law Tribunal (NCLT), Chandigarh Bench, which admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, Anita Jindal, is the Shareholder and Ex-Director of the Corporate Debtor, M/s Jindal Buildtech Pvt. Ltd. The appeal challenges the admission of the insolvency application filed by the second respondent, Vinay Yadav, who claimed to be a Financial Creditor. The appellant argues that the money in question was never advanced to the Corporate Debtor as financial debt, but was intended for opening joint depots. The NCLT admitted the Section 7 application based on dishonored cheques and bank statements indicating a default in repayment.
Anita Jindal, the Shareholder and Ex-Director of M/s Jindal Buildtech Pvt. Ltd. (Corporate Debtor), appealed against the NCLT's order admitting a Section 7 application filed by Vinay Yadav (Respondent No. 2), who claimed to be a Financial Creditor. The alleged financial debt was based on dishonored cheques amounting to Rs. 87,50,000/- issued by the Corporate Debtor. The Appellant contended that the money was not a financial debt but was intended for opening joint depots. The Corporate Debtor had already paid Rs. 67,90,000/- to the Respondent No. 2 in proceedings under Section 138 of the NI Act, and the Respondent No. 2 had accepted interest at 6% per annum in those proceedings. The Appellant argued that the Respondent No. 2 was now claiming 18% interest and that the
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Rs.97,00,000/- was lent to the ‘Corporate…
Rs.9,50,000/-…
This case involves an appeal against the order dated 26.03.2021 passed by the National Company Law Tribunal (NCLT), Chandigarh Bench, which admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, Anita Jindal, is the Shareholder and Ex-Director of the Corporate Debtor, M/s Jindal Buildtech Pvt. Ltd. The appeal challenges the admission of the insolvency application filed by the second respondent, Vinay Yadav, who claimed to be a Financial Creditor. The appellant argues that the money in question was never advanced to the Corporate Debtor as financial debt, but was intended for opening joint depots. The NCLT admitted the Section 7 application based on dishonored cheques and bank statements indicating a default in repayment.
Anita Jindal, the Shareholder and Ex-Director of M/s Jindal Buildtech Pvt. Ltd. (Corporate Debtor), appealed against the NCLT's order admitting a Section 7 application filed by Vinay Yadav (Respondent No. 2), who claimed to be a Financial Creditor. The alleged financial debt was based on dishonored cheques amounting to Rs. 87,50,000/- issued by the Corporate Debtor. The Appellant contended that the money was not a financial debt but was intended for opening joint depots. The Corporate Debtor had already paid Rs. 67,90,000/- to the Respondent No. 2 in proceedings under Section 138 of the NI Act, and the Respondent No. 2 had accepted interest at 6% per annum in those proceedings. The Appellant argued that the Respondent No. 2 was now claiming 18% interest and that the
…Rs.97,00,000/- was lent to the ‘Corporate…
Rs.9,50,000/-…