The case involves two Company Appeals, No. 214 and 216 of 2022, filed before the National Company Law Appellate Tribunal (NCLAT) at Chennai. The appeals were initiated by Lepakshi Knowledge Hub Private Limited, challenging the admission of Company Petitions filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Global Emerging Markets India Ltd. against Lepakshi Heritage Wellness Village Private Limited and Lepakshi Science and Technology Park Private Limited, respectively. The Adjudicating Authority, the National Company Law Tribunal (NCLT), Bengaluru Bench, had admitted the petitions, leading to the appeals.
In 2012, Global Emerging Markets India Ltd. (GEM), the Financial Creditor, entered into a Memorandum of Understanding (MoU) with Lepakshi Knowledge Hub Private Limited (LKH) for a project in Andhra Pradesh. As part of this, GEM agreed to purchase 100% equity shareholding in Lepakshi Science and Technology Park Private Limited (LST) and Lepakshi Heritage Wellness Village Private Limited (LHW) for Rs. 238.5 Crores. GEM forwarded Rs. 5 Crores to LST through an Inter-Corporate Deposit (ICD) dated 19.03.2012, intended for stamp duty for land transfer. LHW executed a corporate guarantee for the ICD. The ICD tenure was six months, interest-free, but with 18% interest per annum if not repaid. LKH was to transfer land to LST and LHW. GEM was to pay the first tranche of Rs. 25
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Memorandum of Agreement between the Government…
Memorandum of…
The case involves two Company Appeals, No. 214 and 216 of 2022, filed before the National Company Law Appellate Tribunal (NCLAT) at Chennai. The appeals were initiated by Lepakshi Knowledge Hub Private Limited, challenging the admission of Company Petitions filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Global Emerging Markets India Ltd. against Lepakshi Heritage Wellness Village Private Limited and Lepakshi Science and Technology Park Private Limited, respectively. The Adjudicating Authority, the National Company Law Tribunal (NCLT), Bengaluru Bench, had admitted the petitions, leading to the appeals.
In 2012, Global Emerging Markets India Ltd. (GEM), the Financial Creditor, entered into a Memorandum of Understanding (MoU) with Lepakshi Knowledge Hub Private Limited (LKH) for a project in Andhra Pradesh. As part of this, GEM agreed to purchase 100% equity shareholding in Lepakshi Science and Technology Park Private Limited (LST) and Lepakshi Heritage Wellness Village Private Limited (LHW) for Rs. 238.5 Crores. GEM forwarded Rs. 5 Crores to LST through an Inter-Corporate Deposit (ICD) dated 19.03.2012, intended for stamp duty for land transfer. LHW executed a corporate guarantee for the ICD. The ICD tenure was six months, interest-free, but with 18% interest per annum if not repaid. LKH was to transfer land to LST and LHW. GEM was to pay the first tranche of Rs. 25
…Memorandum of Agreement between the Government…
Memorandum of…