This is an appeal filed under Section 61 of the Insolvency and Bankruptcy Code 2016 (IBC) by the Appellant against the order dated 03.02.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-V) in C.P. (IB) No. 196/MB/2021. The Adjudicating Authority allowed the Section 7 application filed by Alka Prakash Agarwal and admitted Bazargaon Paper & Pulp Mills Pvt. Ltd.-Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP). The suspended director of the Corporate Debtor has preferred this appeal.
Bazargaon Paper & Pulp Mills Pvt. Ltd. (Corporate Debtor) took an unsecured loan of Rs.70 lakhs from Alka Prakash Agarwal (Respondent No.1) based on an oral agreement. The loan was repayable on demand with interest rates varying from 15% to 18% p.a. simple interest. The Corporate Debtor repaid Rs.1.16 cr to the Respondent No.1 between 2010 and 2017, including Rs.70 lakhs towards principal and Rs.46 lakhs towards interest. The Respondent No.1 filed a Section 7 application before the Adjudicating Authority, claiming that the Corporate Debtor had defaulted in repaying the debt. The Appellant (suspended director of the Corporate Debtor) contended that the Respondent No.1's claim was based on doctored claims and forged documents, including a forged statement of
…Sign in to view the parties.
Adjudicating Authority passed an order allowing…
The suspended director of the Corporate Debtor…
This is an appeal filed under Section 61 of the Insolvency and Bankruptcy Code 2016 (IBC) by the Appellant against the order dated 03.02.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-V) in C.P. (IB) No. 196/MB/2021. The Adjudicating Authority allowed the Section 7 application filed by Alka Prakash Agarwal and admitted Bazargaon Paper & Pulp Mills Pvt. Ltd.-Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP). The suspended director of the Corporate Debtor has preferred this appeal.
Bazargaon Paper & Pulp Mills Pvt. Ltd. (Corporate Debtor) took an unsecured loan of Rs.70 lakhs from Alka Prakash Agarwal (Respondent No.1) based on an oral agreement. The loan was repayable on demand with interest rates varying from 15% to 18% p.a. simple interest. The Corporate Debtor repaid Rs.1.16 cr to the Respondent No.1 between 2010 and 2017, including Rs.70 lakhs towards principal and Rs.46 lakhs towards interest. The Respondent No.1 filed a Section 7 application before the Adjudicating Authority, claiming that the Corporate Debtor had defaulted in repaying the debt. The Appellant (suspended director of the Corporate Debtor) contended that the Respondent No.1's claim was based on doctored claims and forged documents, including a forged statement of
…Adjudicating Authority passed an order allowing…
The suspended director of the Corporate Debtor…