This appeal was filed by Neon Laboratories Ltd. (Operational Creditor) against an order passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench). The Adjudicating Authority had disposed of an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Mr. Mayank Shah (Intervenor) in a Corporate Insolvency Resolution Process (CIRP) initiated by the Operational Creditor. The Adjudicating Authority also dismissed CP (IB) No. 794 of 2022 and imposed costs on the Appellant, finding collusion with the Corporate Debtor to thwart proceedings before the Bombay High Court. The case involves a deed of personal guarantee dated 27.07.2011 between the Appellant (Lender), Satra Properties (India) Ltd. (SPIL) (Borrower), and Praful
…A personal guarantee deed was executed on 27.07.2011 between Neon Laboratories Ltd. (Appellant/Lender), Satra Properties (India) Ltd. (SPIL) (Borrower), and Praful Nanji Satra (Respondent No. 2/Guarantor). Clause 3 of the agreement stipulated that the Guarantor would pay the lender Rs. 1.75 crore within 60 days of the demand notice. Mr. Mayank Shah (Respondent No. 1) filed an Arbitration Petition No. 304 of 2021 before the Bombay High Court under Section 9 of the Arbitration and Conciliation Act, 1996, for depositing Rs. 131,02,82,634/-. The Appellant served a demand notice on Respondent No. 2 on 01.11.2021 and filed a petition under Section 95 of the Code on 01.12.2021. The Adjudicating Authority found that the demand notice was served on 01.11.2021, and the petition
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A personal guarantee deed was executed between…
CIRP proceedings against Satra Properties…
This appeal was filed by Neon Laboratories Ltd. (Operational Creditor) against an order passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench). The Adjudicating Authority had disposed of an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Mr. Mayank Shah (Intervenor) in a Corporate Insolvency Resolution Process (CIRP) initiated by the Operational Creditor. The Adjudicating Authority also dismissed CP (IB) No. 794 of 2022 and imposed costs on the Appellant, finding collusion with the Corporate Debtor to thwart proceedings before the Bombay High Court. The case involves a deed of personal guarantee dated 27.07.2011 between the Appellant (Lender), Satra Properties (India) Ltd. (SPIL) (Borrower), and Praful
…A personal guarantee deed was executed on 27.07.2011 between Neon Laboratories Ltd. (Appellant/Lender), Satra Properties (India) Ltd. (SPIL) (Borrower), and Praful Nanji Satra (Respondent No. 2/Guarantor). Clause 3 of the agreement stipulated that the Guarantor would pay the lender Rs. 1.75 crore within 60 days of the demand notice. Mr. Mayank Shah (Respondent No. 1) filed an Arbitration Petition No. 304 of 2021 before the Bombay High Court under Section 9 of the Arbitration and Conciliation Act, 1996, for depositing Rs. 131,02,82,634/-. The Appellant served a demand notice on Respondent No. 2 on 01.11.2021 and filed a petition under Section 95 of the Code on 01.12.2021. The Adjudicating Authority found that the demand notice was served on 01.11.2021, and the petition
…A personal guarantee deed was executed between…
CIRP proceedings against Satra Properties…