The case involves an appeal against an order dated 19.07.2019 passed by the National Company Law Tribunal (NCLT), New Delhi, Bench III, in Company Petition No. IB-1576/(ND)/2018. The original applicant, Mrs. R. Mangalam, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) before the NCLT, which was dismissed as time-barred. The appeal was filed before the National Company Law Appellate Tribunal (NCLAT). The appellant claimed that the respondent, M/s SPML Infra Ltd. (Corporate Debtor), had issued a Letter of Offer (LOF) dated 19.09.1995, offering shares and debentures. The appellant applied and was allotted 66530 debentures. The appellant argued that the respondent had not received the minimum 90% subscription required and that SEBI
…Mrs. R. Mangalam, the appellant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against M/s SPML Infra Ltd. (Corporate Debtor), the respondent, claiming to be a financial creditor. The appellant claimed that the respondent had issued a Letter of Offer (LOF) dated 19.09.1995, offering shares and debentures. The appellant applied and was allotted 66530 debentures with a face value of Rs. 150/- per debenture. She paid Rs. 20/- per debenture at the time of application, with Rs. 130/- to be paid on allotment. The appellant alleged that the respondent did not receive the minimum 90% subscription required and that SEBI had passed orders in 2004 holding the issue under LOF. The appellant claimed that the date of refund of proceeds by
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The case involves an appeal against an order dated 19.07.2019 passed by the National Company Law Tribunal (NCLT), New Delhi, Bench III, in Company Petition No. IB-1576/(ND)/2018. The original applicant, Mrs. R. Mangalam, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) before the NCLT, which was dismissed as time-barred. The appeal was filed before the National Company Law Appellate Tribunal (NCLAT). The appellant claimed that the respondent, M/s SPML Infra Ltd. (Corporate Debtor), had issued a Letter of Offer (LOF) dated 19.09.1995, offering shares and debentures. The appellant applied and was allotted 66530 debentures. The appellant argued that the respondent had not received the minimum 90% subscription required and that SEBI
…Mrs. R. Mangalam, the appellant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against M/s SPML Infra Ltd. (Corporate Debtor), the respondent, claiming to be a financial creditor. The appellant claimed that the respondent had issued a Letter of Offer (LOF) dated 19.09.1995, offering shares and debentures. The appellant applied and was allotted 66530 debentures with a face value of Rs. 150/- per debenture. She paid Rs. 20/- per debenture at the time of application, with Rs. 130/- to be paid on allotment. The appellant alleged that the respondent did not receive the minimum 90% subscription required and that SEBI had passed orders in 2004 holding the issue under LOF. The appellant claimed that the date of refund of proceeds by
…Respondent issued…
Appellant claimed this…