The case involves an appeal against an order dated 08/07/2022 passed by the National Company Law Tribunal (NCLT), Chennai Bench, in IA(IBC)/753/2021 in IBA/471/2020. The applicant, M/s SMS Foundation and Investment LLP, filed the appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, after the NCLT dismissed their application. The core issue revolves around whether the applicant's claim should be admitted as a financial creditor, considering their relationship with the corporate debtor and a disputed Memorandum of Understanding (MoU) regarding share transfer and loan agreements.
M/s SMS Foundation & Investment LLP (Appellant) filed an appeal against an order passed by the National Company Law Tribunal (NCLT), Chennai Bench, which dismissed their application to be considered a financial creditor of M/s. Harsha Exito Engineering Private Limited (Corporate Debtor). The Appellant claimed that they had provided a loan of Rs. 16.00 Crores to the Corporate Debtor, which was later converted into a loan with 15% interest per annum. A Memorandum of Understanding (MoU) dated 02/08/2019 was entered into between the Appellant and the Shareholders of the Corporate Debtor for the infusion of funds, with the existing promoters agreeing to sell 46.5% of the total issued Equity Shares. The Appellant infused Rs. 15,47,23,307/- between August 2019 and
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Memorandum of Understanding (MoU) was…
Appellant infused funds…
The case involves an appeal against an order dated 08/07/2022 passed by the National Company Law Tribunal (NCLT), Chennai Bench, in IA(IBC)/753/2021 in IBA/471/2020. The applicant, M/s SMS Foundation and Investment LLP, filed the appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, after the NCLT dismissed their application. The core issue revolves around whether the applicant's claim should be admitted as a financial creditor, considering their relationship with the corporate debtor and a disputed Memorandum of Understanding (MoU) regarding share transfer and loan agreements.
M/s SMS Foundation & Investment LLP (Appellant) filed an appeal against an order passed by the National Company Law Tribunal (NCLT), Chennai Bench, which dismissed their application to be considered a financial creditor of M/s. Harsha Exito Engineering Private Limited (Corporate Debtor). The Appellant claimed that they had provided a loan of Rs. 16.00 Crores to the Corporate Debtor, which was later converted into a loan with 15% interest per annum. A Memorandum of Understanding (MoU) dated 02/08/2019 was entered into between the Appellant and the Shareholders of the Corporate Debtor for the infusion of funds, with the existing promoters agreeing to sell 46.5% of the total issued Equity Shares. The Appellant infused Rs. 15,47,23,307/- between August 2019 and
…Memorandum of Understanding (MoU) was…
Appellant infused funds…