The case involves an appeal against the order dated 03.06.2019 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, in C.P. (IB) No. 4135/I&B/MB/2018, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by USV Private Limited against Lok Housing and Constructions Ltd. (Corporate Debtor). The appellant, Darshan Gandhi, ex-Director of the Corporate Debtor, challenged the admission of the application, arguing that there was no financial debt, the application was barred by limitation, and principles of natural justice were violated. The case arises from intercorporate deposits made by Vipal Healthcare Pvt. Ltd. (VHPL) with the Corporate Debtor in 1996, which were later replaced by
…In 1996, Vipal Healthcare Pvt. Ltd. (VHPL) placed two intercorporate deposits of Rs. 25 lakhs each, totaling Rs. 50 lakhs, with Lok Housing and Constructions Ltd. (Corporate Debtor). To secure repayment, the Corporate Debtor evolved a Short-Term Finance Refund Plan (STFR Plan). By 1997, the Corporate Debtor made a payment of Rs. 4,09,652. An oral understanding was reached between the Corporate Debtor, VHPL, and USV Private Limited (first Respondent), whereby USV would pay the Corporate Debtor an amount equivalent to the outstanding amount owed by the Corporate Debtor to VHPL. Based on this, USV placed Rs. 53,31,170 with the Corporate Debtor. The Corporate Debtor was declared an NPA in 2002. USV issued a notice under Section 433 read with Section 434 of the Companies
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Vipal Healthcare Pvt. Ltd. (VHPL) placed two…
The Corporate Debtor…
The case involves an appeal against the order dated 03.06.2019 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, in C.P. (IB) No. 4135/I&B/MB/2018, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by USV Private Limited against Lok Housing and Constructions Ltd. (Corporate Debtor). The appellant, Darshan Gandhi, ex-Director of the Corporate Debtor, challenged the admission of the application, arguing that there was no financial debt, the application was barred by limitation, and principles of natural justice were violated. The case arises from intercorporate deposits made by Vipal Healthcare Pvt. Ltd. (VHPL) with the Corporate Debtor in 1996, which were later replaced by
…In 1996, Vipal Healthcare Pvt. Ltd. (VHPL) placed two intercorporate deposits of Rs. 25 lakhs each, totaling Rs. 50 lakhs, with Lok Housing and Constructions Ltd. (Corporate Debtor). To secure repayment, the Corporate Debtor evolved a Short-Term Finance Refund Plan (STFR Plan). By 1997, the Corporate Debtor made a payment of Rs. 4,09,652. An oral understanding was reached between the Corporate Debtor, VHPL, and USV Private Limited (first Respondent), whereby USV would pay the Corporate Debtor an amount equivalent to the outstanding amount owed by the Corporate Debtor to VHPL. Based on this, USV placed Rs. 53,31,170 with the Corporate Debtor. The Corporate Debtor was declared an NPA in 2002. USV issued a notice under Section 433 read with Section 434 of the Companies
…Vipal Healthcare Pvt. Ltd. (VHPL) placed two…
The Corporate Debtor…