The appeal was filed against the order dated 21.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Chennai Bench), which dismissed a petition (CP (IB) 197/CHE/2021) filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was dismissed with a cost of Rs. 3,00,000/- directed to be deposited in the Prime Minister National Relief Fund. The Adjudicating Authority observed that the name of the Financial Creditor (J. Mohan Babu) was not reflected in the balance sheet statements of the Corporate Debtor and concluded that the Financial Creditor was in collusion with the Corporate Debtor.
J. Mohan Babu, the Appellant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Ramya Outsourcing Solutions Pvt. Ltd., the Corporate Debtor. The application was dismissed by the Adjudicating Authority (National Company Law Tribunal, Chennai Bench) on 21.07.2022. The Appellant claimed to have disbursed Rs. 50,00,000 initially and entered into an MOU on 22.03.2021, acknowledging old dues and agreeing to disburse a further loan. The Appellant alleged that the Corporate Debtor acknowledged receiving Rs. 1,02,30,000 but failed to make any payment. The Adjudicating Authority dismissed the application because the amount advanced by the Appellant was not reflected in the balance sheet of the Respondent. The Respondent, in its reply,
…Sign in to view the parties.
CP (IB) 197/CHE/2021 filed by the Financial…
Financial year ending where the error in the…
The appeal was filed against the order dated 21.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Chennai Bench), which dismissed a petition (CP (IB) 197/CHE/2021) filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was dismissed with a cost of Rs. 3,00,000/- directed to be deposited in the Prime Minister National Relief Fund. The Adjudicating Authority observed that the name of the Financial Creditor (J. Mohan Babu) was not reflected in the balance sheet statements of the Corporate Debtor and concluded that the Financial Creditor was in collusion with the Corporate Debtor.
J. Mohan Babu, the Appellant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Ramya Outsourcing Solutions Pvt. Ltd., the Corporate Debtor. The application was dismissed by the Adjudicating Authority (National Company Law Tribunal, Chennai Bench) on 21.07.2022. The Appellant claimed to have disbursed Rs. 50,00,000 initially and entered into an MOU on 22.03.2021, acknowledging old dues and agreeing to disburse a further loan. The Appellant alleged that the Corporate Debtor acknowledged receiving Rs. 1,02,30,000 but failed to make any payment. The Adjudicating Authority dismissed the application because the amount advanced by the Appellant was not reflected in the balance sheet of the Respondent. The Respondent, in its reply,
…CP (IB) 197/CHE/2021 filed by the Financial…
Financial year ending where the error in the…