The Appellant, Shamji Optima Private Limited, filed an appeal against the order of the National Company Law Tribunal, Mumbai Bench, which dismissed its application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tridhaatu Aranya Developers LLP (Corporate Debtor). The NCLT dismissed the application on the grounds of no privity of contract, failure to demonstrate financial debt, and the claim being barred by limitation.
Shamji Optima Private Limited (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tridhaatu Aranya Developers LLP (Corporate Debtor) before the National Company Law Tribunal, Mumbai Bench. The Appellant contended that it was a 'Financial Creditor' and had disbursed unsecured loans to the Corporate Debtor, which had defaulted in repayment. The application was dismissed by the Adjudicating Authority on September 29, 2021, leading to this appeal. The Adjudicating Authority observed that there was no privity of contract between the Petitioner and the Corporate Debtor. It noted that the LLP agreement dated July 7, 2012, and the Supplementary Retirement Deed dated August 15, 2016, were not contracts signed by and between the
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LLP agreem…
The Appellant retired…
The Appellant, Shamji Optima Private Limited, filed an appeal against the order of the National Company Law Tribunal, Mumbai Bench, which dismissed its application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tridhaatu Aranya Developers LLP (Corporate Debtor). The NCLT dismissed the application on the grounds of no privity of contract, failure to demonstrate financial debt, and the claim being barred by limitation.
Shamji Optima Private Limited (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tridhaatu Aranya Developers LLP (Corporate Debtor) before the National Company Law Tribunal, Mumbai Bench. The Appellant contended that it was a 'Financial Creditor' and had disbursed unsecured loans to the Corporate Debtor, which had defaulted in repayment. The application was dismissed by the Adjudicating Authority on September 29, 2021, leading to this appeal. The Adjudicating Authority observed that there was no privity of contract between the Petitioner and the Corporate Debtor. It noted that the LLP agreement dated July 7, 2012, and the Supplementary Retirement Deed dated August 15, 2016, were not contracts signed by and between the
…LLP agreem…
The Appellant retired…