Meck Pharmaceuticals and Chemicals Pvt. Ltd. filed an appeal against the order dated 17.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench-II) in Company Petition (IB) No. 122 of 2022, which dismissed their Section 7 application under the Insolvency and Bankruptcy Code, 2016.
Meck Pharmaceuticals and Chemicals Pvt. Ltd. advanced Rs 1 Cr. to Accurate Infrabuild Pvt. Ltd. for the construction of the 'Madina Heights' project.
The Corporate Debtor allegedly assured repayment with 18% interest per annum and a 15% share in the project's profit.
Meck issued a Legal Notice on 03.11.2020 claiming repayment of the outstanding amount.
A Section 7 petition was filed on 13.04.2022 seeking the admission of the Corporate Debtor into CIRP.
The Adjudicating Authority rejected the Section 7 application on 17.01.2024 as non-maintainable.
The Appellant claimed the disbursal was made with the consideration of time value of money.
The Corporate Debtor argued that the Appellant was not a Financial Creditor and the sum advanced was not a financial debt.
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Order passed by the Adjudicating Authority…
Rs 1 Cr. was given by…
Meck Pharmaceuticals and Chemicals Pvt. Ltd. filed an appeal against the order dated 17.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench-II) in Company Petition (IB) No. 122 of 2022, which dismissed their Section 7 application under the Insolvency and Bankruptcy Code, 2016.
Meck Pharmaceuticals and Chemicals Pvt. Ltd. advanced Rs 1 Cr. to Accurate Infrabuild Pvt. Ltd. for the construction of the 'Madina Heights' project.
The Corporate Debtor allegedly assured repayment with 18% interest per annum and a 15% share in the project's profit.
Meck issued a Legal Notice on 03.11.2020 claiming repayment of the outstanding amount.
A Section 7 petition was filed on 13.04.2022 seeking the admission of the Corporate Debtor into CIRP.
The Adjudicating Authority rejected the Section 7 application on 17.01.2024 as non-maintainable.
The Appellant claimed the disbursal was made with the consideration of time value of money.
The Corporate Debtor argued that the Appellant was not a Financial Creditor and the sum advanced was not a financial debt.
…Order passed by the Adjudicating Authority…
Rs 1 Cr. was given by…