The appeal was filed by Pradeep Kumar Sekar, the suspended director of Solar Semiconductor Energy Systems (India) Private Limited, against the order dated 19.03.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in CP (IB) No. 662/07/HDB/2019. The Adjudicating Authority admitted Section 7 application filed by Orix Leasing and Financial Services India Limited, the second respondent/petitioner/financial creditor, under the Insolvency and Bankruptcy Code, 2016.
Pradeep Kumar Sekar, the suspended director of Solar Semiconductor Energy Systems (India) Private Limited, filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) which admitted a Section 7 application filed by Orix Leasing and Financial Services India Limited. The dispute arose from a 'Lease Agreement' dated 03.04.2017, where Orix Leasing leased out 'Furnitures and Fixtures' to Solar Semiconductor. Orix Leasing claimed that Solar Semiconductor defaulted on lease rentals, leading to a financial debt. Solar Semiconductor argued that the lease agreement was not a financial lease and that Orix Leasing was not a financial creditor. The Adjudicating Authority admitted the application, leading to the appeal. The
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The Adjudicating Authority (National Company…
A 'Lease Agreement' was entered into between…
The appeal was filed by Pradeep Kumar Sekar, the suspended director of Solar Semiconductor Energy Systems (India) Private Limited, against the order dated 19.03.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in CP (IB) No. 662/07/HDB/2019. The Adjudicating Authority admitted Section 7 application filed by Orix Leasing and Financial Services India Limited, the second respondent/petitioner/financial creditor, under the Insolvency and Bankruptcy Code, 2016.
Pradeep Kumar Sekar, the suspended director of Solar Semiconductor Energy Systems (India) Private Limited, filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) which admitted a Section 7 application filed by Orix Leasing and Financial Services India Limited. The dispute arose from a 'Lease Agreement' dated 03.04.2017, where Orix Leasing leased out 'Furnitures and Fixtures' to Solar Semiconductor. Orix Leasing claimed that Solar Semiconductor defaulted on lease rentals, leading to a financial debt. Solar Semiconductor argued that the lease agreement was not a financial lease and that Orix Leasing was not a financial creditor. The Adjudicating Authority admitted the application, leading to the appeal. The
…The Adjudicating Authority (National Company…
A 'Lease Agreement' was entered into between…