The case involves an appeal against the Adjudicating Authority's (National Company Law Tribunal, Chennai) order dated 19th December 2018, which rejected an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code'). The Adjudicating Authority rejected the application on the grounds that it was barred by limitation and no financial debt existed. The Appellants, Mr. K.P. Jayaram and Mrs. Shoba Jayaram, claimed to be 'Financial Creditors', asserting that the debt was not barred by limitation. The Corporate Debtor, M/s. Radha Exports (India) Private Limited, argued that the total amount had been paid and that certain amounts were paid in favor of Customs, Chennai, and one Mr. Kulasekaran, disputing that the payments were for 'Financial
…Mr. K.P. Jayaram and Mrs. Shoba Jayaram filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Radha Exports (India) Private Limited ('Corporate Debtor'). The Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai, rejected the application on 19th December 2018, stating it was barred by limitation and no financial debt existed. The Appellants claimed to be 'Financial Creditors', arguing the debt wasn't barred by limitation. The Corporate Debtor presented a 'Correlation Statement' showing payments, including amounts to Customs, Chennai (Rs. 53,05,000) and Mr. Kulasekaran (Rs. 1,75,000). The Assistant Commissioner of Income Tax found Rs. 90,00,000 advanced by Smt. Shobha Jayaram to the proprietary concern
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The case involves an appeal against the Adjudicating Authority's (National Company Law Tribunal, Chennai) order dated 19th December 2018, which rejected an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code'). The Adjudicating Authority rejected the application on the grounds that it was barred by limitation and no financial debt existed. The Appellants, Mr. K.P. Jayaram and Mrs. Shoba Jayaram, claimed to be 'Financial Creditors', asserting that the debt was not barred by limitation. The Corporate Debtor, M/s. Radha Exports (India) Private Limited, argued that the total amount had been paid and that certain amounts were paid in favor of Customs, Chennai, and one Mr. Kulasekaran, disputing that the payments were for 'Financial
…Mr. K.P. Jayaram and Mrs. Shoba Jayaram filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Radha Exports (India) Private Limited ('Corporate Debtor'). The Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai, rejected the application on 19th December 2018, stating it was barred by limitation and no financial debt existed. The Appellants claimed to be 'Financial Creditors', arguing the debt wasn't barred by limitation. The Corporate Debtor presented a 'Correlation Statement' showing payments, including amounts to Customs, Chennai (Rs. 53,05,000) and Mr. Kulasekaran (Rs. 1,75,000). The Assistant Commissioner of Income Tax found Rs. 90,00,000 advanced by Smt. Shobha Jayaram to the proprietary concern
…The Adjudicating Authority (National…
Demand Notice was issued by the Appellants to…