The appeal challenges an order by the Adjudicating Authority admitting an application under Section 7 of the IBC, 2016, for a debt of Rs. 15,89,632/-. The appellant contends that the application is not maintainable, time-barred, and initiated due to a family dispute rather than genuine insolvency resolution.
The Financial Creditor, Smt. Vrinda Karnani, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Vindhya Industries Pvt. Ltd., for a debt of Rs. 15,89,632/-, including interest up to August 31, 2019. The Adjudicating Authority (NCLT, Kolkata Bench) admitted this application via an order dated July 14, 2022, which the Corporate Debtor subsequently appealed. The Financial Creditor claimed a disbursement of Rs. 20,00,000/- to Mining and Engineering Corporation, a proprietary concern of the Corporate Debtor, in 2009, under a family arrangement. Payments towards interest were allegedly made, but a default occurred on September 30, 2016. The Corporate Debtor argued that the application was not maintainable as the
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Financial Creditor disbursed Rs. 20,00,000/- to…
Interest on the debt…
The appeal challenges an order by the Adjudicating Authority admitting an application under Section 7 of the IBC, 2016, for a debt of Rs. 15,89,632/-. The appellant contends that the application is not maintainable, time-barred, and initiated due to a family dispute rather than genuine insolvency resolution.
The Financial Creditor, Smt. Vrinda Karnani, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Vindhya Industries Pvt. Ltd., for a debt of Rs. 15,89,632/-, including interest up to August 31, 2019. The Adjudicating Authority (NCLT, Kolkata Bench) admitted this application via an order dated July 14, 2022, which the Corporate Debtor subsequently appealed. The Financial Creditor claimed a disbursement of Rs. 20,00,000/- to Mining and Engineering Corporation, a proprietary concern of the Corporate Debtor, in 2009, under a family arrangement. Payments towards interest were allegedly made, but a default occurred on September 30, 2016. The Corporate Debtor argued that the application was not maintainable as the
…Financial Creditor disbursed Rs. 20,00,000/- to…
Interest on the debt…