This is a Company Appeal (AT) (Insolvency) No. 1257 of 2023 filed against the order dated 14.07.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in C.P. (IB) No. 986/NCLT/MB/C-IV/2021. The Adjudicating Authority had dismissed the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Appellants, Mr. Kailash Motilal Kakrania and his wife Mrs. Manju Kailash Kakrania, had filed a petition under Section 7 of the Code on 04.09.2021 against Apurva Oil and Industries Private Limited, the Corporate Debtor. The Appellants claimed a default of Rs. 1,22,42,927/-, including principal and interest. The NCLT rejected the petition primarily because the Appellants did not meet the threshold prescribed under Section 4 of
…Mr. Kailash Motilal Kakrania and his wife, Mrs. Manju Kailash Kakrania, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Apurva Oil and Industries Private Limited, the Corporate Debtor, on 04.09.2021. They claimed a default of Rs. 1,22,42,927/-, including Rs. 1,01,50,000/- as principal and Rs. 20,92,918/- as interest. The Corporate Debtor is engaged in the business of dealing in Oil Seeds, Oil Products, and Agro Products. The NCLT rejected the petition on 14.07.2023, stating that the Appellants did not meet the threshold under Section 4 of the Code, as there was no agreed-upon interest and a counterclaim of Rs. 10,85,850/- by the Corporate Debtor reduced the debt below Rs. 1 Crore. The Corporate Debtor claimed that Mr. Kailash
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Mr. Kailash Motilal Kakrania and Mrs. Manju…
The Respondent filed a police complaint…
This is a Company Appeal (AT) (Insolvency) No. 1257 of 2023 filed against the order dated 14.07.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in C.P. (IB) No. 986/NCLT/MB/C-IV/2021. The Adjudicating Authority had dismissed the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Appellants, Mr. Kailash Motilal Kakrania and his wife Mrs. Manju Kailash Kakrania, had filed a petition under Section 7 of the Code on 04.09.2021 against Apurva Oil and Industries Private Limited, the Corporate Debtor. The Appellants claimed a default of Rs. 1,22,42,927/-, including principal and interest. The NCLT rejected the petition primarily because the Appellants did not meet the threshold prescribed under Section 4 of
…Mr. Kailash Motilal Kakrania and his wife, Mrs. Manju Kailash Kakrania, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Apurva Oil and Industries Private Limited, the Corporate Debtor, on 04.09.2021. They claimed a default of Rs. 1,22,42,927/-, including Rs. 1,01,50,000/- as principal and Rs. 20,92,918/- as interest. The Corporate Debtor is engaged in the business of dealing in Oil Seeds, Oil Products, and Agro Products. The NCLT rejected the petition on 14.07.2023, stating that the Appellants did not meet the threshold under Section 4 of the Code, as there was no agreed-upon interest and a counterclaim of Rs. 10,85,850/- by the Corporate Debtor reduced the debt below Rs. 1 Crore. The Corporate Debtor claimed that Mr. Kailash
…Mr. Kailash Motilal Kakrania and Mrs. Manju…
The Respondent filed a police complaint…