The case involves an appeal against an order dated 5th January 2018, passed by the NCLT, Bengaluru Bench, admitting an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The appellant, Mr. K. Kesava, a shareholder and director of Maxworth Realty India-(Corporate Debtor), challenged the order. The respondents, Ajay Gopaldas Samat (HUF) & Ors., had preferred the application under Section 7, which was admitted by the Adjudicating Authority. The main contention of the appellant was that there was a pre-existing dispute with the Corporate Debtor regarding the debt and default, making the Section 7 application not maintainable. The respondents claimed to be financial creditors, which the appellant disputed.
Mr. K. Kesava, a shareholder and director of Maxworth Realty India-(Corporate Debtor), appealed against the admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016. The application was filed by Ajay Gopaldas Samat (HUF) & Ors., claiming to be financial creditors. The appellant argued that a dispute existed regarding the debt and default, rendering the Section 7 application not maintainable. The respondents claimed the corporate debtor defaulted on loan repayments. The appellant presented evidence of payments made, while the respondents argued that the payments were not specifically allocated to the debt in question. There were eight agreements between the parties, with complex repayment arrangements. The respondents had preferred an
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NCLT, Bengaluru Bench, passed an order…
NCLAT set aside the order passed by the…
The case involves an appeal against an order dated 5th January 2018, passed by the NCLT, Bengaluru Bench, admitting an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The appellant, Mr. K. Kesava, a shareholder and director of Maxworth Realty India-(Corporate Debtor), challenged the order. The respondents, Ajay Gopaldas Samat (HUF) & Ors., had preferred the application under Section 7, which was admitted by the Adjudicating Authority. The main contention of the appellant was that there was a pre-existing dispute with the Corporate Debtor regarding the debt and default, making the Section 7 application not maintainable. The respondents claimed to be financial creditors, which the appellant disputed.
Mr. K. Kesava, a shareholder and director of Maxworth Realty India-(Corporate Debtor), appealed against the admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016. The application was filed by Ajay Gopaldas Samat (HUF) & Ors., claiming to be financial creditors. The appellant argued that a dispute existed regarding the debt and default, rendering the Section 7 application not maintainable. The respondents claimed the corporate debtor defaulted on loan repayments. The appellant presented evidence of payments made, while the respondents argued that the payments were not specifically allocated to the debt in question. There were eight agreements between the parties, with complex repayment arrangements. The respondents had preferred an
…NCLT, Bengaluru Bench, passed an order…
NCLAT set aside the order passed by the…