The appeal was filed by Mr. Kushan Mitra, a suspended shareholder of CMYK Printech Limited (Corporate Debtor), against the order dated 19th January, 2021, passed by the National Company Law Tribunal (NCLT), New Delhi, Bench – III. The NCLT admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Amit Goel, the first respondent, against the Corporate Debtor. The appeal challenges the admission of the Section 7 petition, arguing that the amount claimed by Mr. Goel does not qualify as a 'Financial Debt' under the IBC.
Mr. Amit Goel, the first respondent, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against CMYK Printech Limited (Corporate Debtor). The Adjudicating Authority admitted the application. Mr. Kushan Mitra, a suspended shareholder of the Corporate Debtor, filed an appeal against the order. The Corporate Debtor had allotted 26,00,566 shares to Mr. Amit Goel, its Director/Financial Creditor, in lieu of an outstanding loan of Rs. 79.68 lakhs. The allotment was made through preferential allotment. The Board of Directors later passed a resolution declaring the allotment invalid and void ab initio. Mr. Kushan Mitra filed a complaint with the RoC regarding the allotment. The first Respondent did not challenge the Resolution Dated
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Order dated 19th January, 2021 passed by the…
The first Respondent made a Private Placement…
The appeal was filed by Mr. Kushan Mitra, a suspended shareholder of CMYK Printech Limited (Corporate Debtor), against the order dated 19th January, 2021, passed by the National Company Law Tribunal (NCLT), New Delhi, Bench – III. The NCLT admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Amit Goel, the first respondent, against the Corporate Debtor. The appeal challenges the admission of the Section 7 petition, arguing that the amount claimed by Mr. Goel does not qualify as a 'Financial Debt' under the IBC.
Mr. Amit Goel, the first respondent, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against CMYK Printech Limited (Corporate Debtor). The Adjudicating Authority admitted the application. Mr. Kushan Mitra, a suspended shareholder of the Corporate Debtor, filed an appeal against the order. The Corporate Debtor had allotted 26,00,566 shares to Mr. Amit Goel, its Director/Financial Creditor, in lieu of an outstanding loan of Rs. 79.68 lakhs. The allotment was made through preferential allotment. The Board of Directors later passed a resolution declaring the allotment invalid and void ab initio. Mr. Kushan Mitra filed a complaint with the RoC regarding the allotment. The first Respondent did not challenge the Resolution Dated
…Order dated 19th January, 2021 passed by the…
The first Respondent made a Private Placement…