The Respondent, Satyaprakash Agarwal (Financial Creditor), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vistar Metal Industries Pvt. Ltd. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application via an order dated 14th October, 2019. The Appellant, Director, argued that no interest was payable, and the debt did not qualify as a ‘Financial Debt’ under Section 5(8) of the I&B Code. The Corporate Debtor's cheques to three Financial Creditors were dishonored, constituting a default.
Satyaprakash Agarwal, the Respondent and Financial Creditor, initiated insolvency proceedings against Vistar Metal Industries Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal, Mumbai Bench, admitted the application on October 14, 2019. The Appellant, Director, argued that the debt did not qualify as a ‘Financial Debt’ under Section 5(8) of the I&B Code because no interest was payable. The Corporate Debtor's cheques to three Financial Creditors were dishonored, constituting a default. The Corporate Debtor had failed to honor its undertaking under Letters dated 15.12.2015 to make payments as per the schedule proposed and defaulted when the cheques were dishonoured. The Corporate Debtor had taken a loan, which
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The Respondent Satyaprakash Agarwal filed…
The Adjudicating Authority (National Company…
The Respondent, Satyaprakash Agarwal (Financial Creditor), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vistar Metal Industries Pvt. Ltd. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application via an order dated 14th October, 2019. The Appellant, Director, argued that no interest was payable, and the debt did not qualify as a ‘Financial Debt’ under Section 5(8) of the I&B Code. The Corporate Debtor's cheques to three Financial Creditors were dishonored, constituting a default.
Satyaprakash Agarwal, the Respondent and Financial Creditor, initiated insolvency proceedings against Vistar Metal Industries Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal, Mumbai Bench, admitted the application on October 14, 2019. The Appellant, Director, argued that the debt did not qualify as a ‘Financial Debt’ under Section 5(8) of the I&B Code because no interest was payable. The Corporate Debtor's cheques to three Financial Creditors were dishonored, constituting a default. The Corporate Debtor had failed to honor its undertaking under Letters dated 15.12.2015 to make payments as per the schedule proposed and defaulted when the cheques were dishonoured. The Corporate Debtor had taken a loan, which
…The Respondent Satyaprakash Agarwal filed…
The Adjudicating Authority (National Company…