The appeal was filed against the order dated 13.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench), which dismissed an application bearing CP (IB) 453/ALD/2019 filed under Section 7 of the Insolvency & Bankruptcy Code, 2016. The application was dismissed on the ground that it was not maintainable because the appellant failed to prove that the amount was a loan and that there was a default in repayment. The appellants, Mrs. Maya Goel and Mr. N.C. Goel, had filed the application for resolution of an amount of Rs. 12 lakhs with interest.
Mrs. Maya Goel and Mr. N.C. Goel filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking resolution of a debt of Rs. 12 lakhs with interest. Mrs. Maya Goel gave the loan amount in the Financial Years 2011-12, 2012-13, and 2013-14, while Mr. N.C. Goel gave the loan in the Financial Years 2011-12, 2013-14, and 2015-16. The Adjudicating Authority dismissed the application, finding it not maintainable due to a lack of documentation to establish the date of default and the tenure of the loan. The appellants argued that the amount was a loan, while the appellate tribunal found that the amount was an investment. The appellate tribunal noted that the appellants had initiated proceedings under the Negotiable Instruments Act, 1881. The
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The appeal was directed against the order…
The appeal was filed against the order dated 13.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench), which dismissed an application bearing CP (IB) 453/ALD/2019 filed under Section 7 of the Insolvency & Bankruptcy Code, 2016. The application was dismissed on the ground that it was not maintainable because the appellant failed to prove that the amount was a loan and that there was a default in repayment. The appellants, Mrs. Maya Goel and Mr. N.C. Goel, had filed the application for resolution of an amount of Rs. 12 lakhs with interest.
Mrs. Maya Goel and Mr. N.C. Goel filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking resolution of a debt of Rs. 12 lakhs with interest. Mrs. Maya Goel gave the loan amount in the Financial Years 2011-12, 2012-13, and 2013-14, while Mr. N.C. Goel gave the loan in the Financial Years 2011-12, 2013-14, and 2015-16. The Adjudicating Authority dismissed the application, finding it not maintainable due to a lack of documentation to establish the date of default and the tenure of the loan. The appellants argued that the amount was a loan, while the appellate tribunal found that the amount was an investment. The appellate tribunal noted that the appellants had initiated proceedings under the Negotiable Instruments Act, 1881. The
…The Adjudicating Authority (National Company…
The appeal was directed against the order…