The Appellant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against the Respondent Company. The Adjudicating Authority (NCLT, New Delhi Bench) rejected the application on November 29, 2017, because the Appellant did not qualify as a Financial Creditor. The Adjudicating Authority also noted that the Appellant had not adequately demonstrated how the assets and liabilities of the earlier Gay Printers Partnership Firm had been assigned to the Appellant, and the mandatory form was incomplete. The Appellant then filed a Review Application, which was dismissed on December 19, 2017. Both orders were challenged in this appeal.
The Appellant, Gay Printers, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process against the Respondent, Pawan Buildwell Pvt. Ltd. The Adjudicating Authority rejected the application, stating that Gay Printers did not qualify as a Financial Creditor. The loan amount of Rs.1 Crore was originally advanced to Pawan Buildwell by the Gay Printers Partnership firm, which had two partners, Mr. Brij Mohan Sahni and Mr. Surinder Mohan Sahni. Mr. Surinder Mohan Sahni passed away on October 2, 2015, dissolving the partnership firm. The Appellant, Gay Printers, is a reconstituted firm. The court noted that the Appellant failed to demonstrate that it had succeeded to the business of the
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The Adjudicating Authority (NCLT) rejected the…
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The Appellant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against the Respondent Company. The Adjudicating Authority (NCLT, New Delhi Bench) rejected the application on November 29, 2017, because the Appellant did not qualify as a Financial Creditor. The Adjudicating Authority also noted that the Appellant had not adequately demonstrated how the assets and liabilities of the earlier Gay Printers Partnership Firm had been assigned to the Appellant, and the mandatory form was incomplete. The Appellant then filed a Review Application, which was dismissed on December 19, 2017. Both orders were challenged in this appeal.
The Appellant, Gay Printers, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process against the Respondent, Pawan Buildwell Pvt. Ltd. The Adjudicating Authority rejected the application, stating that Gay Printers did not qualify as a Financial Creditor. The loan amount of Rs.1 Crore was originally advanced to Pawan Buildwell by the Gay Printers Partnership firm, which had two partners, Mr. Brij Mohan Sahni and Mr. Surinder Mohan Sahni. Mr. Surinder Mohan Sahni passed away on October 2, 2015, dissolving the partnership firm. The Appellant, Gay Printers, is a reconstituted firm. The court noted that the Appellant failed to demonstrate that it had succeeded to the business of the
…The Adjudicating Authority (NCLT) rejected the…
The Adjudicating…
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