The appeal was filed against an order passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in Company Application No. 184 of 2018 in Company Petition (IB) No. 492/ND/2018 dated July 9, 2019. The Adjudicating Authority declared that the Appellants are not Financial Creditors but unsecured creditors. The Appellants also challenged a subsequent modification order dated July 29, 2019, which rectified corrections in the original order.
M/s Vaiva Metals and Alloys Pvt. Ltd., an Operational Creditor, filed a Company Petition (IB) No. 492/ND/2018 against M/s Sungil (I) Pvt. Ltd. (Corporate Debtor). The petition was admitted on 2018-06-01, and a Resolution Professional (RP) was appointed. The RP issued a public notice for creditors to submit proof of claims. The Appellants claimed to have advanced short-term loans to the Corporate Debtor, with interest rates varying between 3.3% to 5% per month. The Corporate Debtor failed to repay the loans within the agreed period, and the loans were extended with a condition of 5% monthly interest. The Appellants' claims were accepted by the RP only to the extent of the principal amount, with interest claims kept in abeyance. The RP reconstituted the Committee of
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Company Petition (IB) No. 492/ND/2018 against…
The Adjudicating Authority declared that the…
The appeal was filed against an order passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in Company Application No. 184 of 2018 in Company Petition (IB) No. 492/ND/2018 dated July 9, 2019. The Adjudicating Authority declared that the Appellants are not Financial Creditors but unsecured creditors. The Appellants also challenged a subsequent modification order dated July 29, 2019, which rectified corrections in the original order.
M/s Vaiva Metals and Alloys Pvt. Ltd., an Operational Creditor, filed a Company Petition (IB) No. 492/ND/2018 against M/s Sungil (I) Pvt. Ltd. (Corporate Debtor). The petition was admitted on 2018-06-01, and a Resolution Professional (RP) was appointed. The RP issued a public notice for creditors to submit proof of claims. The Appellants claimed to have advanced short-term loans to the Corporate Debtor, with interest rates varying between 3.3% to 5% per month. The Corporate Debtor failed to repay the loans within the agreed period, and the loans were extended with a condition of 5% monthly interest. The Appellants' claims were accepted by the RP only to the extent of the principal amount, with interest claims kept in abeyance. The RP reconstituted the Committee of
…Company Petition (IB) No. 492/ND/2018 against…
The Adjudicating Authority declared that the…