The appeal is against an order dated 20.10.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in CP (IB) No. 1239 of 2020, which dismissed an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Meehika Buildcon LLP (Appellant) against City Star Infrastructure Ltd. (Respondent) for the resolution of an amount of Rs. 2,77,98,630/-. The application was dismissed by the Tribunal, leading to the current appeal.
Meehika Buildcon LLP (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against City Star Infrastructure Ltd. (Respondent) for the resolution of a debt amounting to Rs. 2,77,98,630/-. A term sheet was executed between the parties on 05.05.2024. The Appellant claimed that the amount disbursed to the Respondent was a loan, and since the term sheet was cancelled, the Appellant was entitled to a refund with 18% interest. The Respondent argued that the transaction was an investment, not a loan, and that no interest rate or time lines were fixed for the service of interest. The Respondent also stated that there were 'bargadars' (sharecroppers) on the land, affecting the title. The term sheet stipulated that after clearing the title,
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The Adjudicating Authority (National Company Law…
A term sheet was…
The appeal is against an order dated 20.10.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in CP (IB) No. 1239 of 2020, which dismissed an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Meehika Buildcon LLP (Appellant) against City Star Infrastructure Ltd. (Respondent) for the resolution of an amount of Rs. 2,77,98,630/-. The application was dismissed by the Tribunal, leading to the current appeal.
Meehika Buildcon LLP (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against City Star Infrastructure Ltd. (Respondent) for the resolution of a debt amounting to Rs. 2,77,98,630/-. A term sheet was executed between the parties on 05.05.2024. The Appellant claimed that the amount disbursed to the Respondent was a loan, and since the term sheet was cancelled, the Appellant was entitled to a refund with 18% interest. The Respondent argued that the transaction was an investment, not a loan, and that no interest rate or time lines were fixed for the service of interest. The Respondent also stated that there were 'bargadars' (sharecroppers) on the land, affecting the title. The term sheet stipulated that after clearing the title,
…The Adjudicating Authority (National Company Law…
A term sheet was…