The appeal was filed by Pawan Kumar, ex-director of Vogue Clothiers Pvt. Ltd., against the order dated 30.01.2020 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench) in CP (IB) No. 1593/(ND)/2019, which admitted the Financial Creditor's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) and initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Financial Creditor, Utsav Securities Pvt. Ltd., claimed to have provided financial assistance to the Corporate Debtor, but the Corporate Debtor disputed the existence of a financial debt due to the lack of a formal agreement.
Pawan Kumar, the ex-director of Vogue Clothiers Pvt. Ltd., filed an appeal against the order of the Adjudicating Authority (NCLT, New Delhi Bench) which admitted the application of Utsav Securities Pvt. Ltd. (Financial Creditor) under Section 7 of the IBC and initiated CIRP against Vogue Clothiers Pvt. Ltd. The Financial Creditor claimed to have granted financial assistance of Rs. 6.10 Cr to the Corporate Debtor between 16.02.2017 and 22.02.2017. The Corporate Debtor paid interest of Rs. 6,05,718 on 14.02.2018 after TDS deduction but later failed to pay interest. The Financial Creditor recalled the loan on 27.04.2019. The Corporate Debtor resisted the application, arguing the lack of a contractual agreement, an undefined loan period, and the absence of an agreement for
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The appeal was filed by Pawan Kumar, ex-director of Vogue Clothiers Pvt. Ltd., against the order dated 30.01.2020 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench) in CP (IB) No. 1593/(ND)/2019, which admitted the Financial Creditor's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) and initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Financial Creditor, Utsav Securities Pvt. Ltd., claimed to have provided financial assistance to the Corporate Debtor, but the Corporate Debtor disputed the existence of a financial debt due to the lack of a formal agreement.
Pawan Kumar, the ex-director of Vogue Clothiers Pvt. Ltd., filed an appeal against the order of the Adjudicating Authority (NCLT, New Delhi Bench) which admitted the application of Utsav Securities Pvt. Ltd. (Financial Creditor) under Section 7 of the IBC and initiated CIRP against Vogue Clothiers Pvt. Ltd. The Financial Creditor claimed to have granted financial assistance of Rs. 6.10 Cr to the Corporate Debtor between 16.02.2017 and 22.02.2017. The Corporate Debtor paid interest of Rs. 6,05,718 on 14.02.2018 after TDS deduction but later failed to pay interest. The Financial Creditor recalled the loan on 27.04.2019. The Corporate Debtor resisted the application, arguing the lack of a contractual agreement, an undefined loan period, and the absence of an agreement for
…The Adjudicating Authority (National Company…
The National Company Law Appellate Tribunal…