The respondent company claimed to be a 'Financial Creditor' under Section 5(7) of the Insolvency and Bankruptcy Code, 2016 (I&B Code) and filed an application under Section 7 of the I&B Code to initiate Corporate Insolvency Resolution Process against the appellant, who is the 'Corporate Debtor'. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application, declared a 'Moratorium' under Section 14 of the I&B Code, and appointed an Interim Resolution Professional based on an order dated June 13, 2017. The appellant challenges this order.
Mindtree Exports Private Limited (Appellant) is the 'Corporate Debtor'. M/s. Ashmita Multitrade Private Limited & Anr. (Respondents) claimed to be 'Financial Creditors'. The Respondents initially claimed to be 'Operational Creditors' and filed an application under Section 9 of the I&B Code, which was later withdrawn. They then filed a separate application under Section 7 of the I&B Code, claiming to be 'Financial Creditors'. The Adjudicating Authority admitted the application and declared a moratorium. The Appellant claims they were not given notice of the application and were not heard before the order was passed. The Adjudicating Authority recorded that the 'Financial Creditor' sent a notice demanding Rs. 5,37,00,000/- but did not ascertain if the notice
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The 'Financial Creditor' sent a notice to the…
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The respondent company claimed to be a 'Financial Creditor' under Section 5(7) of the Insolvency and Bankruptcy Code, 2016 (I&B Code) and filed an application under Section 7 of the I&B Code to initiate Corporate Insolvency Resolution Process against the appellant, who is the 'Corporate Debtor'. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application, declared a 'Moratorium' under Section 14 of the I&B Code, and appointed an Interim Resolution Professional based on an order dated June 13, 2017. The appellant challenges this order.
Mindtree Exports Private Limited (Appellant) is the 'Corporate Debtor'. M/s. Ashmita Multitrade Private Limited & Anr. (Respondents) claimed to be 'Financial Creditors'. The Respondents initially claimed to be 'Operational Creditors' and filed an application under Section 9 of the I&B Code, which was later withdrawn. They then filed a separate application under Section 7 of the I&B Code, claiming to be 'Financial Creditors'. The Adjudicating Authority admitted the application and declared a moratorium. The Appellant claims they were not given notice of the application and were not heard before the order was passed. The Adjudicating Authority recorded that the 'Financial Creditor' sent a notice demanding Rs. 5,37,00,000/- but did not ascertain if the notice
…The 'Financial Creditor' sent a notice to the…
The respondent initially claimed to be an…