The case involves an appeal against an order dated 08/07/2022 passed by the National Company Law Tribunal (NCLT), Chennai Bench, which dismissed an application filed by M/s SMS Foundation & Investment LLP. The application was related to a claim to be admitted as a financial creditor. The NCLT dismissed the application because it found that the applicant was a shareholder in the corporate debtor company. The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016.
M/s SMS Foundation & Investment LLP (Appellant) filed an application before the NCLT, Chennai Bench, to be admitted as a financial creditor of Harsha Exito Engineering Private Limited (Corporate Debtor). The NCLT dismissed the application, stating that the Appellant was a shareholder of the Corporate Debtor. The Appellant claimed that a sum of Rs. 16.00 Crores was given as a loan to the Corporate Debtor, evidenced by a Loan Agreement dated 27.12.2019. The Appellant also claimed that a Memorandum of Understanding (MoU) dated 02/08/2019, which initially contemplated a share transfer, was never fully executed. The Respondent (Resolution Professional) argued that the Appellant was a shareholder, as reflected in the company's records and the MGT-7 filed with the
…Sign in to view the parties.
MoU dated 02/08/2019 was entered into between…
The Appellant infused a sum of Rs.…
The case involves an appeal against an order dated 08/07/2022 passed by the National Company Law Tribunal (NCLT), Chennai Bench, which dismissed an application filed by M/s SMS Foundation & Investment LLP. The application was related to a claim to be admitted as a financial creditor. The NCLT dismissed the application because it found that the applicant was a shareholder in the corporate debtor company. The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016.
M/s SMS Foundation & Investment LLP (Appellant) filed an application before the NCLT, Chennai Bench, to be admitted as a financial creditor of Harsha Exito Engineering Private Limited (Corporate Debtor). The NCLT dismissed the application, stating that the Appellant was a shareholder of the Corporate Debtor. The Appellant claimed that a sum of Rs. 16.00 Crores was given as a loan to the Corporate Debtor, evidenced by a Loan Agreement dated 27.12.2019. The Appellant also claimed that a Memorandum of Understanding (MoU) dated 02/08/2019, which initially contemplated a share transfer, was never fully executed. The Respondent (Resolution Professional) argued that the Appellant was a shareholder, as reflected in the company's records and the MGT-7 filed with the
…MoU dated 02/08/2019 was entered into between…
The Appellant infused a sum of Rs.…