The appeal arises from an order dated 23.03.2023 passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench, Court -V in C.P. 745/IB/MB/2021. The Adjudicating Authority admitted an application filed by the Respondent under Section 7 of the Insolvency and Bankruptcy Code (IBC), initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Anusmera Realty and Infra Private Limited. The Appellant, aggrieved by this order, filed the present appeal.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Anusmera Realty and Infra Private Limited, the Corporate Debtor, after an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted by the Adjudicating Authority. The Appellant, Satish Balan, Director of Balan and Chheda Developers Pvt. Ltd., filed an appeal against this order. The Respondent No. 1, Mrs. Neeta Navin Nagda, had contributed funds to the Corporate Debtor and held approximately one-third of the equity shares. The Appellant argued that the funds provided by the Respondent No. 1 were equity investments and not financial debt. The Corporate Debtor had paid interest to the Respondent No. 1 and deducted TDS on these payments. The Respondent No. 1 had also written
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The appeal arises from an order dated 23.03.2023 passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench, Court -V in C.P. 745/IB/MB/2021. The Adjudicating Authority admitted an application filed by the Respondent under Section 7 of the Insolvency and Bankruptcy Code (IBC), initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Anusmera Realty and Infra Private Limited. The Appellant, aggrieved by this order, filed the present appeal.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Anusmera Realty and Infra Private Limited, the Corporate Debtor, after an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted by the Adjudicating Authority. The Appellant, Satish Balan, Director of Balan and Chheda Developers Pvt. Ltd., filed an appeal against this order. The Respondent No. 1, Mrs. Neeta Navin Nagda, had contributed funds to the Corporate Debtor and held approximately one-third of the equity shares. The Appellant argued that the funds provided by the Respondent No. 1 were equity investments and not financial debt. The Corporate Debtor had paid interest to the Respondent No. 1 and deducted TDS on these payments. The Respondent No. 1 had also written
…The Adjudicating Authority/National Company Law…
Date of the judgment by…