The appeal was filed by Mr. Pradeep Dayanand Kothari, Director of Kothari Industrial Corporation Limited, against an order dated December 19, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, Chennai, in Company Petition No. 649/(IB)/CB/2017. The Adjudicating Authority had admitted an application preferred by the 1st Respondent, Mr. A. Pandian, under Section 7 of the Insolvency and Bankruptcy Code, 2016, declared a moratorium, and appointed an Interim Resolution Professional.
Mr. Pradeep Dayanand Kothari, Director of Kothari Industrial Corporation Limited, filed an appeal against the order of the Adjudicating Authority (NCLT), Chennai, which had admitted an application by Mr. A. Pandian under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Pandian initially claimed to be an operational creditor, issuing a demand notice for Rs. 68,61,012/- under Section 8 of the IBC. This debt arose from short-term loans advanced between 2013 and 2014 for trading operations in Rock and Super Phosphate. Kothari Industrial Corporation Limited defaulted on payments, issuing two cheques totaling Rs. 44,14,210/- which were dishonored on December 23, 2014, due to insufficient funds. The corporate debtor admitted to a debt of Rs. 44,00,000/- in a letter
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The Adjudicating Authority (National Company…
Mr. Pradeep Dayanand Kothari, Director of M/s.…
The appeal was filed by Mr. Pradeep Dayanand Kothari, Director of Kothari Industrial Corporation Limited, against an order dated December 19, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, Chennai, in Company Petition No. 649/(IB)/CB/2017. The Adjudicating Authority had admitted an application preferred by the 1st Respondent, Mr. A. Pandian, under Section 7 of the Insolvency and Bankruptcy Code, 2016, declared a moratorium, and appointed an Interim Resolution Professional.
Mr. Pradeep Dayanand Kothari, Director of Kothari Industrial Corporation Limited, filed an appeal against the order of the Adjudicating Authority (NCLT), Chennai, which had admitted an application by Mr. A. Pandian under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Pandian initially claimed to be an operational creditor, issuing a demand notice for Rs. 68,61,012/- under Section 8 of the IBC. This debt arose from short-term loans advanced between 2013 and 2014 for trading operations in Rock and Super Phosphate. Kothari Industrial Corporation Limited defaulted on payments, issuing two cheques totaling Rs. 44,14,210/- which were dishonored on December 23, 2014, due to insufficient funds. The corporate debtor admitted to a debt of Rs. 44,00,000/- in a letter
…The Adjudicating Authority (National Company…
Mr. Pradeep Dayanand Kothari, Director of M/s.…