This is a Company Appeal (AT) (Ins.) No. 1342 of 2022 filed by Shaikh Mohammed Tariq against the order passed by the Adjudicating Authority rejecting Section 7 petition filed by the Appellant for initiation of CIRP. The appellant's case is based on his personal guarantee for the Creditor's investors' funds to the Corporate Debtor. Arbitration proceedings were initiated, resulting in an award dated 11.11.2013 in favor of the Appellant, which is under execution.
Shaikh Mohammed Tariq, the Appellant, provided a personal guarantee for funds given by Creditor's investors to a Corporate Debtor, Aegis Forging Ltd. Arbitration proceedings were initiated based on this guarantee, resulting in an award dated 2013-11-11 in favor of the Appellant. This award is currently under execution. The Adjudicating Authority rejected the Appellant's Section 7 application for initiation of CIRP, leading to the present appeal. The Appellant argues that the guarantee constitutes a financial debt under Section 5 (8) (i) of the Code. The existence of the arbitration award and its execution are key facts influencing the decision.
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An arbitration award…
Heard Learned…
This is a Company Appeal (AT) (Ins.) No. 1342 of 2022 filed by Shaikh Mohammed Tariq against the order passed by the Adjudicating Authority rejecting Section 7 petition filed by the Appellant for initiation of CIRP. The appellant's case is based on his personal guarantee for the Creditor's investors' funds to the Corporate Debtor. Arbitration proceedings were initiated, resulting in an award dated 11.11.2013 in favor of the Appellant, which is under execution.
Shaikh Mohammed Tariq, the Appellant, provided a personal guarantee for funds given by Creditor's investors to a Corporate Debtor, Aegis Forging Ltd. Arbitration proceedings were initiated based on this guarantee, resulting in an award dated 2013-11-11 in favor of the Appellant. This award is currently under execution. The Adjudicating Authority rejected the Appellant's Section 7 application for initiation of CIRP, leading to the present appeal. The Appellant argues that the guarantee constitutes a financial debt under Section 5 (8) (i) of the Code. The existence of the arbitration award and its execution are key facts influencing the decision.
An arbitration award…
Heard Learned…