The case involves three appeals regarding the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). Bell Finvest (India) Limited, the Financial Creditor, filed applications against Luthra Water Systems Private Limited, Avance Logistics & Trading India Pvt. Ltd., and Intercon Container & Survey & Commodities Pvt. Ltd. The Adjudicating Authority admitted the applications against Luthra Water Systems and Avance Logistics but rejected the application against Intercon Container, holding the penal interest as 'usurious'. The appeals challenge these orders, primarily on the ground that the petitions are not maintainable due to 'usurious penal interest' in view of Section 3 of the
…Bell Finvest (India) Limited, the Financial Creditor, filed applications under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. Luthra Water Systems Private Limited, M/s. Avance Logistics & Trading India Pvt. Ltd., and Intercon Container & Survey & Commodities Pvt. Ltd. The Adjudicating Authority admitted the applications against Luthra Water Systems and Avance Logistics, while rejecting the application against Intercon Container due to 'usurious' penal interest. The Corporate Debtors challenged the admission orders, arguing that the petitions were not maintainable due to 'usurious penal interest' under Section 3 of the Usurious Loans Act, 1918. The Financial Creditor claimed
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Adjudicating Authority passed an order…
Adjudicating Authority passed an order…
The case involves three appeals regarding the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). Bell Finvest (India) Limited, the Financial Creditor, filed applications against Luthra Water Systems Private Limited, Avance Logistics & Trading India Pvt. Ltd., and Intercon Container & Survey & Commodities Pvt. Ltd. The Adjudicating Authority admitted the applications against Luthra Water Systems and Avance Logistics but rejected the application against Intercon Container, holding the penal interest as 'usurious'. The appeals challenge these orders, primarily on the ground that the petitions are not maintainable due to 'usurious penal interest' in view of Section 3 of the
…Bell Finvest (India) Limited, the Financial Creditor, filed applications under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. Luthra Water Systems Private Limited, M/s. Avance Logistics & Trading India Pvt. Ltd., and Intercon Container & Survey & Commodities Pvt. Ltd. The Adjudicating Authority admitted the applications against Luthra Water Systems and Avance Logistics, while rejecting the application against Intercon Container due to 'usurious' penal interest. The Corporate Debtors challenged the admission orders, arguing that the petitions were not maintainable due to 'usurious penal interest' under Section 3 of the Usurious Loans Act, 1918. The Financial Creditor claimed
…Adjudicating Authority passed an order…
Adjudicating Authority passed an order…