The appeal arises from an order dated 11th July, 2017, by the NCLT, Mumbai Bench, which rejected an application for initiating a corporate insolvency resolution process against M/s. Tattva & Mittal Lifespaces Pvt. Ltd. (Corporate Debtor). The application was filed by Avon Capital under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLT rejected the application on two grounds: that the appellant did not fall within the meaning of 'Operational Creditor' and that there was an 'existence of dispute'.
Avon Capital, through its proprietor Ravindra Gopal, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against M/s. Tattva & Mittal Lifespaces Pvt. Ltd. The application was based on an engagement letter dated 7th January, 2016, where the Corporate Debtor engaged Avon Capital to provide advisory and capital-raising services. Avon Capital was to receive a retainer fee, separate fees for advisory and ancillary services, and a success fee. The NCLT rejected the application, stating that Avon Capital was not an 'Operational Creditor' and that a dispute existed. The appellant brought on record the application under Section 9 of the I&B Code which is in Form 5 of Insolvency &
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Corporate Debtor…
NCLT, Mumbai Bench,…
The appeal arises from an order dated 11th July, 2017, by the NCLT, Mumbai Bench, which rejected an application for initiating a corporate insolvency resolution process against M/s. Tattva & Mittal Lifespaces Pvt. Ltd. (Corporate Debtor). The application was filed by Avon Capital under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLT rejected the application on two grounds: that the appellant did not fall within the meaning of 'Operational Creditor' and that there was an 'existence of dispute'.
Avon Capital, through its proprietor Ravindra Gopal, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against M/s. Tattva & Mittal Lifespaces Pvt. Ltd. The application was based on an engagement letter dated 7th January, 2016, where the Corporate Debtor engaged Avon Capital to provide advisory and capital-raising services. Avon Capital was to receive a retainer fee, separate fees for advisory and ancillary services, and a success fee. The NCLT rejected the application, stating that Avon Capital was not an 'Operational Creditor' and that a dispute existed. The appellant brought on record the application under Section 9 of the I&B Code which is in Form 5 of Insolvency &
…Corporate Debtor…
NCLT, Mumbai Bench,…