The appeal was filed against the order dated 29.11.2023 passed by the NCLT, Cuttack Bench, which dismissed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Konark Aquatics and Exports Private Limited (Corporate Debtor) for the resolution of an interest-free loan of Rs. 4,43,50,000/-.
Pancham Studios Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Konark Aquatics & Exports Pvt. Ltd.
The NCLT, Cuttack Bench, dismissed the application.
The Appellant claimed to have disbursed an interest-free loan of Rs. 4,43,50,000/- to the Corporate Debtor.
The Respondent contended that the amount was related to a family property transaction and not a financial debt.
The amount was reflected as an unsecured loan in the Corporate Debtor's financial statements.
The Corporate Debtor allegedly defaulted in repayment despite demand notices.
The Tribunal held that the loan was given in violation of Section 186 of the Companies Act.
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The NCLT, Cuttack Bench, passed an order…
Demand notices were…
The appeal was filed against the order dated 29.11.2023 passed by the NCLT, Cuttack Bench, which dismissed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Konark Aquatics and Exports Private Limited (Corporate Debtor) for the resolution of an interest-free loan of Rs. 4,43,50,000/-.
Pancham Studios Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Konark Aquatics & Exports Pvt. Ltd.
The NCLT, Cuttack Bench, dismissed the application.
The Appellant claimed to have disbursed an interest-free loan of Rs. 4,43,50,000/- to the Corporate Debtor.
The Respondent contended that the amount was related to a family property transaction and not a financial debt.
The amount was reflected as an unsecured loan in the Corporate Debtor's financial statements.
The Corporate Debtor allegedly defaulted in repayment despite demand notices.
The Tribunal held that the loan was given in violation of Section 186 of the Companies Act.
…The NCLT, Cuttack Bench, passed an order…
Demand notices were…