The appeal arises from an order passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, which rejected a petition to initiate the Corporate Insolvency Resolution Process (CIRP) against Pellucid Lifesciences Pvt. Ltd. The financial creditors, Imdadali M Momin & Ors., filed the application under Section 7 of the Insolvency & Bankruptcy Code (IBC), claiming a debt of ₹1,25,44,997.25 with 12% interest per annum. The NCLT rejected the application because there was no clear agreement between the creditors and the Corporate Debtor regarding loan terms, repayment schedule, and interest rate. The financial creditors appealed the NCLT's decision.
The Corporate Debtor (Pellucid Lifesciences Pvt. Ltd.) was incorporated on August 30, 2013. Between 2013 and 2022, the Corporate Debtor approached the appellants (Imdadali M Momin & Ors.) for financial assistance, resulting in loans totaling ₹1,25,44,997.25. The date of default was mentioned as November 30, 2022. The Corporate Debtor repaid ₹99,07,375.48 during the CIRP proceedings. There was no formal loan agreement specifying the principal amount, interest rate, or payment frequency. The appellants filed an application under Section 7 of the IBC to initiate insolvency proceedings. The NCLT rejected the application, stating that there was no clear agreement regarding the loan terms. The appellants argued that the NCLT erred in dismissing the application and that
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Pellucid Lifes…
Between 2013 and 2022, the Corporate Debtor…
The appeal arises from an order passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, which rejected a petition to initiate the Corporate Insolvency Resolution Process (CIRP) against Pellucid Lifesciences Pvt. Ltd. The financial creditors, Imdadali M Momin & Ors., filed the application under Section 7 of the Insolvency & Bankruptcy Code (IBC), claiming a debt of ₹1,25,44,997.25 with 12% interest per annum. The NCLT rejected the application because there was no clear agreement between the creditors and the Corporate Debtor regarding loan terms, repayment schedule, and interest rate. The financial creditors appealed the NCLT's decision.
The Corporate Debtor (Pellucid Lifesciences Pvt. Ltd.) was incorporated on August 30, 2013. Between 2013 and 2022, the Corporate Debtor approached the appellants (Imdadali M Momin & Ors.) for financial assistance, resulting in loans totaling ₹1,25,44,997.25. The date of default was mentioned as November 30, 2022. The Corporate Debtor repaid ₹99,07,375.48 during the CIRP proceedings. There was no formal loan agreement specifying the principal amount, interest rate, or payment frequency. The appellants filed an application under Section 7 of the IBC to initiate insolvency proceedings. The NCLT rejected the application, stating that there was no clear agreement regarding the loan terms. The appellants argued that the NCLT erred in dismissing the application and that
…Pellucid Lifes…
Between 2013 and 2022, the Corporate Debtor…