The Appellant challenges the Adjudicating Authority's admission of a Section 7 application filed by the Respondent. The application was based on three MOUs between the parties, characterized by the Appellant as a sale transaction of assets.
The Appellant challenges the admission of a Section 7 application by the Adjudicating Authority.
The Section 7 application was filed by the Respondent based on three MOUs.
The Appellant claims the transaction was a sale of assets, not a financial debt.
The amount claimed as debt is a retained amount from a larger sum of Rs. 91 Crores.
A suit for the same amount is pending in the Bombay High Court.
Proceedings under Section 138 of the Negotiable Instruments Act are also pending.
The Adjudicating Authority allegedly erred in holding the transaction as a financial debt.
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Learned counsel for the Appellant contends that…
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The Appellant challenges the Adjudicating Authority's admission of a Section 7 application filed by the Respondent. The application was based on three MOUs between the parties, characterized by the Appellant as a sale transaction of assets.
The Appellant challenges the admission of a Section 7 application by the Adjudicating Authority.
The Section 7 application was filed by the Respondent based on three MOUs.
The Appellant claims the transaction was a sale of assets, not a financial debt.
The amount claimed as debt is a retained amount from a larger sum of Rs. 91 Crores.
A suit for the same amount is pending in the Bombay High Court.
Proceedings under Section 138 of the Negotiable Instruments Act are also pending.
The Adjudicating Authority allegedly erred in holding the transaction as a financial debt.
Learned counsel for the Appellant contends that…
List this App…