This is an appeal against the order dated January 7, 2021, passed by the Adjudicating Authority (National Company Law Tribunal), Court-V, Mumbai Bench, admitting the application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appeal was filed because the appellant believed that the Respondent No.1 did not qualify as an Operational Creditor, and the debt in question did not fall within the purview of the operational debt.
Kamal Uttamchand Jain & Anr., Erstwhile Directors of Goodwill Theaters Pvt. Ltd., filed an appeal against Sunteck Realty Ltd. & Anr. The appeal was against an order passed by the Adjudicating Authority (NCLT) admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appellant contended that the Respondent No.1 did not qualify as an Operational Creditor. During the proceedings, the parties informed the court that they had arrived at a settlement. The IRP confirmed that Respondent No.1 is the sole creditor of the COC, and there are seven Financial Creditors who are related parties and do not qualify as COC members. The key fact is the settlement between the parties, which influenced the court's decision to dispose of the appeal
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This is an appeal against the order dated January 7, 2021, passed by the Adjudicating Authority (National Company Law Tribunal), Court-V, Mumbai Bench, admitting the application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appeal was filed because the appellant believed that the Respondent No.1 did not qualify as an Operational Creditor, and the debt in question did not fall within the purview of the operational debt.
Kamal Uttamchand Jain & Anr., Erstwhile Directors of Goodwill Theaters Pvt. Ltd., filed an appeal against Sunteck Realty Ltd. & Anr. The appeal was against an order passed by the Adjudicating Authority (NCLT) admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appellant contended that the Respondent No.1 did not qualify as an Operational Creditor. During the proceedings, the parties informed the court that they had arrived at a settlement. The IRP confirmed that Respondent No.1 is the sole creditor of the COC, and there are seven Financial Creditors who are related parties and do not qualify as COC members. The key fact is the settlement between the parties, which influenced the court's decision to dispose of the appeal
…The Adjudicating Authority (NCLT) passed an…
The Appellant filed an…
Sign in to view related legal provisions.