This case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Division Bench, Chennai, which admitted an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by TVG Limited (Operational Creditor) against Kiran Global Chem Limited (Corporate Debtor). The appeal was filed by M.S. Jain, a shareholder and Director of the Corporate Debtor, taking up the cause of the Corporate Debtor. The Operational Creditor claimed to be a Financial Advisor for PTAL International FZC, a subsidiary of the Corporate Debtor. The Corporate Debtor was engaged in manufacturing Sodium Silicate and traded in Soda Ash. The Operational Creditor was engaged by PTAL in connection with a potential transaction
…1. TVG Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Kiran Global Chem Limited (Corporate Debtor).
2. M.S. Jain, a shareholder and Director of the Corporate Debtor, filed an appeal against the admission of the application by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai).
3. TVG Limited claimed to be a Financial Advisor for PTAL International FZC, a subsidiary of Kiran Global Chem Limited.
4. Kiran Global Chem Limited was engaged in manufacturing Sodium Silicate and traded in Soda Ash.
5. An engagement letter was executed between TVG Limited and PTAL, where TVG Limited was to provide financial advisory services.
6. The engagement letter stipulated a signing
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The Insolvency and…
Engagement letter dated…
This case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Division Bench, Chennai, which admitted an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by TVG Limited (Operational Creditor) against Kiran Global Chem Limited (Corporate Debtor). The appeal was filed by M.S. Jain, a shareholder and Director of the Corporate Debtor, taking up the cause of the Corporate Debtor. The Operational Creditor claimed to be a Financial Advisor for PTAL International FZC, a subsidiary of the Corporate Debtor. The Corporate Debtor was engaged in manufacturing Sodium Silicate and traded in Soda Ash. The Operational Creditor was engaged by PTAL in connection with a potential transaction
…1. TVG Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Kiran Global Chem Limited (Corporate Debtor).
2. M.S. Jain, a shareholder and Director of the Corporate Debtor, filed an appeal against the admission of the application by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai).
3. TVG Limited claimed to be a Financial Advisor for PTAL International FZC, a subsidiary of Kiran Global Chem Limited.
4. Kiran Global Chem Limited was engaged in manufacturing Sodium Silicate and traded in Soda Ash.
5. An engagement letter was executed between TVG Limited and PTAL, where TVG Limited was to provide financial advisory services.
6. The engagement letter stipulated a signing
The Insolvency and…
Engagement letter dated…