The appeal challenges an order by the National Company Law Tribunal (NCLT), Mumbai Bench, dated 19.08.2025, which closed a Section 7 Insolvency and Bankruptcy Code (IBC) petition and directed the release of a deposited amount to the Respondent without adjudicating the existence of financial debt, default, or the maintainability of the petition. The Appellant, M/s. North Life Spaces LLP, had entered into a Facility Agreement with the Respondent, Dalal Family Private Trust. The Respondent claimed a debt of approximately Rs. 4.15 crores and initiated Section 7 proceedings. The Appellant contested the petition on grounds of maintainability, authority of the person instituting proceedings, and the existence of debt and default. After the petition was reserved for orders,
…The present appeal arises out of an order dated 19.08.2025 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, in Company Petition (IB) No. 576 (MB) of 2025.
The Adjudicating Authority disposed of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), directing release of a deposited amount to the Respondent without adjudicating the existence of financial debt, default, and maintainability of the petition.
The Appellant, M/s. North Life Spaces LLP, entered into a Facility Agreement dated 05.04.2021 with the Respondent, Dalal Family Private Trust.
The Respondent claimed approximately ₹.4.15 crores was due from the Appellant and demanded its payment.
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The Appellant, M/s. North Life Spaces LLP,…
The Company Petition (IB) No. 576 (MB) of 2025…
The appeal challenges an order by the National Company Law Tribunal (NCLT), Mumbai Bench, dated 19.08.2025, which closed a Section 7 Insolvency and Bankruptcy Code (IBC) petition and directed the release of a deposited amount to the Respondent without adjudicating the existence of financial debt, default, or the maintainability of the petition. The Appellant, M/s. North Life Spaces LLP, had entered into a Facility Agreement with the Respondent, Dalal Family Private Trust. The Respondent claimed a debt of approximately Rs. 4.15 crores and initiated Section 7 proceedings. The Appellant contested the petition on grounds of maintainability, authority of the person instituting proceedings, and the existence of debt and default. After the petition was reserved for orders,
…The present appeal arises out of an order dated 19.08.2025 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, in Company Petition (IB) No. 576 (MB) of 2025.
The Adjudicating Authority disposed of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), directing release of a deposited amount to the Respondent without adjudicating the existence of financial debt, default, and maintainability of the petition.
The Appellant, M/s. North Life Spaces LLP, entered into a Facility Agreement dated 05.04.2021 with the Respondent, Dalal Family Private Trust.
The Respondent claimed approximately ₹.4.15 crores was due from the Appellant and demanded its payment.
…The Appellant, M/s. North Life Spaces LLP,…
The Company Petition (IB) No. 576 (MB) of 2025…