Arrow Engineering Ltd. filed an appeal against the order dated 25.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, which rejected their application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application pertained to a dispute over financial assistance provided by Arrow Engineering to Golden Tobacco Limited (Corporate Debtor) for the development of land owned by the latter. The Adjudicating Authority held that the amount paid could not be considered a 'financial debt' or 'operational debt' and that the claim was barred by limitation.
Arrow Engineering Ltd. (Appellant) provided financial assistance to Golden Tobacco Limited (Respondent/Corporate Debtor) for the development of land owned by the latter. By a letter dated 03.06.2011, the Corporate Debtor issued a Letter of Intent for marketing/financial assistance. The Appellant advanced different amounts to the Corporate Debtor. By letter dated 22.07.2011, the Corporate Debtor acknowledged the receipt of Rs.10 Crores. On 10.10.2011, the Corporate Debtor again wrote to the Appellant recording terms and conditions for financial assistance. A receipt of amount of Rs.15 Crores was also acknowledged. In a subsequent letter dated 01.02.2012, the letter dated 10.10.2011 was referred to as Letter of Understanding which letter also acknowledged receipt of
…Sign in to view the parties.
Golden Tobacco Limited entered into a MOU with…
Corporate Debtor issued a Letter of Intent for…
Arrow Engineering Ltd. filed an appeal against the order dated 25.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, which rejected their application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application pertained to a dispute over financial assistance provided by Arrow Engineering to Golden Tobacco Limited (Corporate Debtor) for the development of land owned by the latter. The Adjudicating Authority held that the amount paid could not be considered a 'financial debt' or 'operational debt' and that the claim was barred by limitation.
Arrow Engineering Ltd. (Appellant) provided financial assistance to Golden Tobacco Limited (Respondent/Corporate Debtor) for the development of land owned by the latter. By a letter dated 03.06.2011, the Corporate Debtor issued a Letter of Intent for marketing/financial assistance. The Appellant advanced different amounts to the Corporate Debtor. By letter dated 22.07.2011, the Corporate Debtor acknowledged the receipt of Rs.10 Crores. On 10.10.2011, the Corporate Debtor again wrote to the Appellant recording terms and conditions for financial assistance. A receipt of amount of Rs.15 Crores was also acknowledged. In a subsequent letter dated 01.02.2012, the letter dated 10.10.2011 was referred to as Letter of Understanding which letter also acknowledged receipt of
…Golden Tobacco Limited entered into a MOU with…
Corporate Debtor issued a Letter of Intent for…