The present appeal was filed against an order dated February 12, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi. This order had admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by Mr. Satyendra Jain (Financial Creditor) against M/s. Omway Buildestate Private Limited (Corporate Debtor). The appellants, Janak Goyal & Anr., challenged this admission, primarily arguing that the debt was not legally payable or was time-barred.
Mr. Satyendra Jain, acting as a Financial Creditor, initiated an application under section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against M/s. Omway Buildestate Private Limited, the Corporate Debtor. This application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the company due to an alleged default in debt repayment. The Adjudicating Authority, specifically the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, admitted this application through an order dated February 12, 2019.
The Hon'ble Supreme Court dismissed the appeal…
The Adjudicating Authority (NCLT), Principal…
The present appeal was filed against an order dated February 12, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi. This order had admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by Mr. Satyendra Jain (Financial Creditor) against M/s. Omway Buildestate Private Limited (Corporate Debtor). The appellants, Janak Goyal & Anr., challenged this admission, primarily arguing that the debt was not legally payable or was time-barred.
Mr. Satyendra Jain, acting as a Financial Creditor, initiated an application under section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against M/s. Omway Buildestate Private Limited, the Corporate Debtor. This application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the company due to an alleged default in debt repayment. The Adjudicating Authority, specifically the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, admitted this application through an order dated February 12, 2019.
The Hon'ble Supreme Court dismissed the appeal…
The Adjudicating Authority (NCLT), Principal…