The case involves an appeal against an order dated 2022-10-10, where the Adjudicating Authority admitted a Section 7 application filed by the Financial Creditor under the I&B Code, 2016. An earlier company petition had consent terms where the Financial Creditor agreed to withdraw the petition, with a clause stating that in case of default by the corporate debtor, the Financial Creditor could claim the outstanding amount and revive the company petition. Subsequently, the consent terms were defaulted, and the cheques issued by the Corporate Debtor were dishonored. Instead of reviving the earlier petition, the Financial Creditor filed a fresh company petition CP (IB) No. 1029 of 2021, basing its claim on the initial financial debt.
Priyal Kantilal Patel (Appellant) filed an appeal against an order by the Adjudicating Authority that admitted a Section 7 application filed by IREP Credit Capital Pvt. Ltd. & Anr. (Respondents/Financial Creditor) under the I&B Code, 2016. The Financial Creditor had initially filed a company petition, during which consent terms were agreed upon, and the petition was withdrawn. The consent terms stipulated that if the Corporate Debtor defaulted, the Financial Creditor could revive the petition. The Corporate Debtor defaulted, and the issued cheques were dishonored. Instead of reviving the earlier petition, the Financial Creditor filed a fresh Section 7 application. The Appellant argued that the Section 7 application was not maintainable due to the breach of
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The case involves an appeal against an order dated 2022-10-10, where the Adjudicating Authority admitted a Section 7 application filed by the Financial Creditor under the I&B Code, 2016. An earlier company petition had consent terms where the Financial Creditor agreed to withdraw the petition, with a clause stating that in case of default by the corporate debtor, the Financial Creditor could claim the outstanding amount and revive the company petition. Subsequently, the consent terms were defaulted, and the cheques issued by the Corporate Debtor were dishonored. Instead of reviving the earlier petition, the Financial Creditor filed a fresh company petition CP (IB) No. 1029 of 2021, basing its claim on the initial financial debt.
Priyal Kantilal Patel (Appellant) filed an appeal against an order by the Adjudicating Authority that admitted a Section 7 application filed by IREP Credit Capital Pvt. Ltd. & Anr. (Respondents/Financial Creditor) under the I&B Code, 2016. The Financial Creditor had initially filed a company petition, during which consent terms were agreed upon, and the petition was withdrawn. The consent terms stipulated that if the Corporate Debtor defaulted, the Financial Creditor could revive the petition. The Corporate Debtor defaulted, and the issued cheques were dishonored. Instead of reviving the earlier petition, the Financial Creditor filed a fresh Section 7 application. The Appellant argued that the Section 7 application was not maintainable due to the breach of
…An application under…
The Adjudicating…