The appeal was filed against an order dated 2025-04-24, which admitted a Section 7 application filed by the Financial Creditor (Respondent No. 1). The financial facilities were extended to the Corporate Debtor, Brandscale Innovations Pvt. Ltd. Default occurred, leading the Financial Creditor to declare the account NPA and initiate proceedings for a principal amount of Rs. 11,07,23,633 plus interest. The Corporate Debtor objected to the Section 7 application, but the Adjudicating Authority found debt and default and admitted the application.
Nishit Sharma filed an appeal against the order of the Adjudicating Authority, which admitted a Section 7 application filed by Jana Small Finance Bank & Anr. (Respondent No. 1) against Brandscale Innovations Pvt. Ltd. (Corporate Debtor). The financial facilities were extended to the Corporate Debtor, and upon default, the Financial Creditor declared the account NPA and initiated proceedings. The Corporate Debtor objected to the Section 7 application, but the Adjudicating Authority admitted it. The Appellant sought adjournment to settle with the Financial Creditor, but no settlement was achieved. The Financial Creditor encashed a Fixed Deposit. The Appellant argued that the Adjudicating Authority has discretion in admitting the application, referencing 'Vidarbha
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The appeal was filed against an order dated 2025-04-24, which admitted a Section 7 application filed by the Financial Creditor (Respondent No. 1). The financial facilities were extended to the Corporate Debtor, Brandscale Innovations Pvt. Ltd. Default occurred, leading the Financial Creditor to declare the account NPA and initiate proceedings for a principal amount of Rs. 11,07,23,633 plus interest. The Corporate Debtor objected to the Section 7 application, but the Adjudicating Authority found debt and default and admitted the application.
Nishit Sharma filed an appeal against the order of the Adjudicating Authority, which admitted a Section 7 application filed by Jana Small Finance Bank & Anr. (Respondent No. 1) against Brandscale Innovations Pvt. Ltd. (Corporate Debtor). The financial facilities were extended to the Corporate Debtor, and upon default, the Financial Creditor declared the account NPA and initiated proceedings. The Corporate Debtor objected to the Section 7 application, but the Adjudicating Authority admitted it. The Appellant sought adjournment to settle with the Financial Creditor, but no settlement was achieved. The Financial Creditor encashed a Fixed Deposit. The Appellant argued that the Adjudicating Authority has discretion in admitting the application, referencing 'Vidarbha
…Order passed by the Adjudicating Authority…
Hearing of the…