Chandrakant Hiralal Shah, the Director (Suspended), filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-IV, which admitted a Section 7 application filed by Beacon Trusteeship Ltd. & Anr. The application was filed for a claim of Rs. 502,91,64,495, with a default date of 30.04.2019. The Adjudicating Authority found that the Corporate Debtor defaulted on debt payment. The appellant's counsel submitted that the Appellant approached the Financial Creditor for settlement after the order was passed. The respondent's counsel denied any settlement talks.

Chandrakant Hiralal Shah, the Director (Suspended), filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-IV, which admitted a Section 7 application filed by Beacon Trusteeship Ltd. & Anr. The application was filed for a claim of Rs. 502,91,64,495, with a default date of 30.04.2019. The Adjudicating Authority found that the Corporate Debtor defaulted on debt payment. The appellant's counsel submitted that the Appellant approached the Financial Creditor for settlement after the order was passed. The respondent's counsel denied any settlement talks.