The case involves a Company Appeal (AT) (Insolvency) No. 116 of 2025 before the National Company Law Appellate Tribunal (NCLAT). The appellant, Markand Adhikari, is contesting a direction under Section 66 to contribute, arguing that the transaction was not with them and the ingredients of Section 66 are not fulfilled. Punjab National Bank and Union Bank of India disbursed the amount to the supplier, and the appellant claims no amount was received.
Markand Adhikari filed an appeal against Mukesh Verma, the liquidator for Sab Global Entertainment Media Pvt Ltd. & Ors. The appellant contends that Punjab National Bank and Union Bank of India disbursed funds to a supplier, but the appellant did not receive any of these funds. The appellant challenges a directive under Section 66, arguing that they should not be required to contribute because the transaction was not with them and the requirements of Section 66 have not been met. The court acknowledges the need for scrutiny of the submissions.
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Counsel for the Appellant submits that Punjab…
The court issued a notice to the respondents,…
The case involves a Company Appeal (AT) (Insolvency) No. 116 of 2025 before the National Company Law Appellate Tribunal (NCLAT). The appellant, Markand Adhikari, is contesting a direction under Section 66 to contribute, arguing that the transaction was not with them and the ingredients of Section 66 are not fulfilled. Punjab National Bank and Union Bank of India disbursed the amount to the supplier, and the appellant claims no amount was received.
Markand Adhikari filed an appeal against Mukesh Verma, the liquidator for Sab Global Entertainment Media Pvt Ltd. & Ors. The appellant contends that Punjab National Bank and Union Bank of India disbursed funds to a supplier, but the appellant did not receive any of these funds. The appellant challenges a directive under Section 66, arguing that they should not be required to contribute because the transaction was not with them and the requirements of Section 66 have not been met. The court acknowledges the need for scrutiny of the submissions.
Counsel for the Appellant submits that Punjab…
The court issued a notice to the respondents,…