The appellant, Niyati Chemicals, filed an appeal against the order of the Adjudicating Authority, which did not consider them as a Financial Creditor under the I&B Code, 2016. The appellant claimed to have extended an unsecured loan to the respondent, Minepro Minerals Pvt. Ltd., and also purchased powder from them, adjusting the amount from the loan. The appellant argued that they should be considered a financial creditor based on these transactions.
Niyati Chemicals (Appellant) filed an appeal because they were not considered a Financial Creditor under the I&B Code, 2016. The Adjudicating Authority's order was dated 28.07.2020. Niyati Chemicals claimed to have extended an unsecured loan of Rs. 20 lacs to Minepro Minerals Pvt. Ltd. (Respondent) on 25.04.2017. They also purchased powder worth Rs. 2,88,400/- from the Respondent on 21.06.2017, adjusting this amount from the loan. Niyati Chemicals purchased 360 MTS of powder from the Respondent for export to Dubai. They also provided a further unsecured loan of Rs. 2,50,000/- on 23.06.2017, which was repaid on 28.06.2017. The core issue is whether these transactions qualify as a 'Financial Debt' under the I&B Code, allowing Niyati Chemicals to initiate
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The Adjudicating Authority passed an order not…
Appellant extended an…
The appellant, Niyati Chemicals, filed an appeal against the order of the Adjudicating Authority, which did not consider them as a Financial Creditor under the I&B Code, 2016. The appellant claimed to have extended an unsecured loan to the respondent, Minepro Minerals Pvt. Ltd., and also purchased powder from them, adjusting the amount from the loan. The appellant argued that they should be considered a financial creditor based on these transactions.
Niyati Chemicals (Appellant) filed an appeal because they were not considered a Financial Creditor under the I&B Code, 2016. The Adjudicating Authority's order was dated 28.07.2020. Niyati Chemicals claimed to have extended an unsecured loan of Rs. 20 lacs to Minepro Minerals Pvt. Ltd. (Respondent) on 25.04.2017. They also purchased powder worth Rs. 2,88,400/- from the Respondent on 21.06.2017, adjusting this amount from the loan. Niyati Chemicals purchased 360 MTS of powder from the Respondent for export to Dubai. They also provided a further unsecured loan of Rs. 2,50,000/- on 23.06.2017, which was repaid on 28.06.2017. The core issue is whether these transactions qualify as a 'Financial Debt' under the I&B Code, allowing Niyati Chemicals to initiate
…The Adjudicating Authority passed an order not…
Appellant extended an…