M/S Symbol Vinimay Pvt. Ltd. filed an appeal against an order dated 26.11.2019 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in CP (IB) No. 1387/KB/2018. The Adjudicating Authority dismissed an application filed by the Appellant (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against the Respondent (Corporate Debtor). The Appellant sought to place additional documents on record during the pendency of the appeal, which was contested by the Respondent. The Adjudicating Authority found infirmities in the Appellant's pleadings and dismissed the application, leading to the present appeal.
M/S Symbol Vinimay Pvt. Ltd. (Appellant) claimed that Champa Impex Pvt. Ltd. (Respondent/Corporate Debtor) approached them for an inter-corporate deposit of Rs. 10,00,000 for 90 days. The amount was disbursed on 25.10.2017 via RTGS transfer. The deposit was to be repaid in 90 days with 16.5% per annum interest. The Corporate Debtor issued a post-dated cheque and an acknowledgement dated 25.10.2017. The 90-day term ended on 22.01.2018, and Rs. 40,685 interest was paid after TDS deduction. Instead of repaying the principal, the Corporate Debtor sought renewal, and the post-dated cheque dated 23.01.2018 was returned. A second 90-day term commenced on 23.01.2018 and expired on 22.04.2018. Interest of Rs. 30,740 was paid up to 31.03.2018, but neither principal nor interest
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Rs. 10,00,000 disbursed by M/S Symbol Vinimay…
The initial 90-day term for the inter-corporate…
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M/S Symbol Vinimay Pvt. Ltd. filed an appeal against an order dated 26.11.2019 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in CP (IB) No. 1387/KB/2018. The Adjudicating Authority dismissed an application filed by the Appellant (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against the Respondent (Corporate Debtor). The Appellant sought to place additional documents on record during the pendency of the appeal, which was contested by the Respondent. The Adjudicating Authority found infirmities in the Appellant's pleadings and dismissed the application, leading to the present appeal.
M/S Symbol Vinimay Pvt. Ltd. (Appellant) claimed that Champa Impex Pvt. Ltd. (Respondent/Corporate Debtor) approached them for an inter-corporate deposit of Rs. 10,00,000 for 90 days. The amount was disbursed on 25.10.2017 via RTGS transfer. The deposit was to be repaid in 90 days with 16.5% per annum interest. The Corporate Debtor issued a post-dated cheque and an acknowledgement dated 25.10.2017. The 90-day term ended on 22.01.2018, and Rs. 40,685 interest was paid after TDS deduction. Instead of repaying the principal, the Corporate Debtor sought renewal, and the post-dated cheque dated 23.01.2018 was returned. A second 90-day term commenced on 23.01.2018 and expired on 22.04.2018. Interest of Rs. 30,740 was paid up to 31.03.2018, but neither principal nor interest
…Rs. 10,00,000 disbursed by M/S Symbol Vinimay…
The initial 90-day term for the inter-corporate…
Sign in to view related legal provisions.