The case involves an appeal against the order dated 31.12.2019 passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench II, which admitted a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellant, a shareholder of the Corporate Debtor, Peacock Construction Pvt Ltd, challenged the order, arguing that the claim of the Financial Creditor, Good Value Financial Services Pvt Ltd, was not a 'Debt' and that the transaction was not a 'Loan Transaction'. The Appellant also contended that the claim was barred by limitation.
Good Value Financial Services Pvt Ltd (Financial Creditor) advanced Rs. 5,25,22,000 on 28.10.2009 and Rs. 10,00,000 on 18.12.2010 to Peacock Construction Pvt Ltd (Corporate Debtor), totaling Rs. 5,35,00,000. The Financial Creditor claimed this was a loan, while the Corporate Debtor alleged it was an advance for acquiring Floor Space Index (FSI). The Financial Creditor sent a letter on 28.03.2019 demanding repayment with 18% quarterly interest. The Corporate Debtor allegedly defaulted, leading the Financial Creditor to file a Section 7 application under the IBC. The Corporate Debtor argued no interest was paid, and the claim was time-barred. The Adjudicating Authority admitted the petition, leading to an appeal by a shareholder of the Corporate Debtor. The Financial
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Financial Creditor…
Financial Creditor…
The case involves an appeal against the order dated 31.12.2019 passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench II, which admitted a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellant, a shareholder of the Corporate Debtor, Peacock Construction Pvt Ltd, challenged the order, arguing that the claim of the Financial Creditor, Good Value Financial Services Pvt Ltd, was not a 'Debt' and that the transaction was not a 'Loan Transaction'. The Appellant also contended that the claim was barred by limitation.
Good Value Financial Services Pvt Ltd (Financial Creditor) advanced Rs. 5,25,22,000 on 28.10.2009 and Rs. 10,00,000 on 18.12.2010 to Peacock Construction Pvt Ltd (Corporate Debtor), totaling Rs. 5,35,00,000. The Financial Creditor claimed this was a loan, while the Corporate Debtor alleged it was an advance for acquiring Floor Space Index (FSI). The Financial Creditor sent a letter on 28.03.2019 demanding repayment with 18% quarterly interest. The Corporate Debtor allegedly defaulted, leading the Financial Creditor to file a Section 7 application under the IBC. The Corporate Debtor argued no interest was paid, and the claim was time-barred. The Adjudicating Authority admitted the petition, leading to an appeal by a shareholder of the Corporate Debtor. The Financial
…Financial Creditor…
Financial Creditor…