The case involves an appeal against an order dated 31.01.2020 passed by the National Company Law Tribunal (NCLT), New Delhi Bench-VI, which admitted a Section 7 application under the Insolvency and Bankruptcy Code (IBC). The appellant, one of the erstwhile directors of the Corporate Debtor, Pine View Portfolio Consultants Pvt. Ltd., filed the appeal. The appellant contended that the Corporate Debtor was never issued a notice by the Tribunal in the application filed by the first respondent. The appellant also argued that there was no debt extended by the first respondent to the Corporate Debtor and no privity of contract between them.
Mr. Bhaskar, an erstwhile director of Pine View Portfolio Consultants Pvt. Ltd. (the 'Corporate Debtor'), filed an appeal against an order passed by the NCLT, New Delhi, admitting a Section 7 application filed by M/s Sai Precious Traexim Pvt. Ltd. (the 'Financial Creditor'). The NCLT order was dated 31.01.2020. The appellant argued that the Corporate Debtor was not served notice of the application. The appellant also contended that there was no direct debt between the Financial Creditor and the Corporate Debtor, and that a third party, Taj Consultancy, was involved in the financial transactions. The Financial Creditor claimed that Mr. Rajeev Aggarwal, acting on behalf of the Corporate Debtor, had assured repayment of Rs. 25 Lakhs with interest. The Financial Creditor
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The case involves an appeal against an order dated 31.01.2020 passed by the National Company Law Tribunal (NCLT), New Delhi Bench-VI, which admitted a Section 7 application under the Insolvency and Bankruptcy Code (IBC). The appellant, one of the erstwhile directors of the Corporate Debtor, Pine View Portfolio Consultants Pvt. Ltd., filed the appeal. The appellant contended that the Corporate Debtor was never issued a notice by the Tribunal in the application filed by the first respondent. The appellant also argued that there was no debt extended by the first respondent to the Corporate Debtor and no privity of contract between them.
Mr. Bhaskar, an erstwhile director of Pine View Portfolio Consultants Pvt. Ltd. (the 'Corporate Debtor'), filed an appeal against an order passed by the NCLT, New Delhi, admitting a Section 7 application filed by M/s Sai Precious Traexim Pvt. Ltd. (the 'Financial Creditor'). The NCLT order was dated 31.01.2020. The appellant argued that the Corporate Debtor was not served notice of the application. The appellant also contended that there was no direct debt between the Financial Creditor and the Corporate Debtor, and that a third party, Taj Consultancy, was involved in the financial transactions. The Financial Creditor claimed that Mr. Rajeev Aggarwal, acting on behalf of the Corporate Debtor, had assured repayment of Rs. 25 Lakhs with interest. The Financial Creditor
…No one was present on…
No one from the ‘Financial Creditor' or…