This case involves an appeal against an order dated 21.11.2019 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Limtex Tea & Industries Limited (Respondent No. 1) for initiation of Corporate Insolvency Resolution Process (CIRP) against Durga Prasad Agarwal and Biswanath Mondal (Appellants/Corporate Debtor). During the pendency of the appeal, Durga Prasad Agarwal expired, and his legal heirs were allowed to substitute him. The appellants challenged the NCLT order, arguing that the application under Section 7 of the IBC was barred by limitation and that the cheque issued by them was forged.
In 2011, Limtex Tea & Industries Limited (Respondent No. 1), extended a loan of Rs. 25,00,000 to Durga Prasad Agarwal and Biswanath Mondal (Appellants/Corporate Debtor). The loan was acknowledged by the Corporate Debtor. The Corporate Debtor issued a cheque dated 27.04.2015 for Rs. 25,00,000, which was dishonored due to 'Fund Insufficient'. The Financial Creditor issued a demand notice on 29th June, 2015, which was received by the Corporate Debtor on 30th June, 2015. The Corporate Debtor failed to pay the amount. The Financial Creditor filed an application under Section 7 of the IBC on 17th April, 2018. The Appellants claimed the application was barred by limitation and the cheque was forged. The NCLT admitted the application, leading to the appeal. During the
…Sign in to view the parties.
Limtex Tea & Industries…
The Corporate Debtor…
This case involves an appeal against an order dated 21.11.2019 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Limtex Tea & Industries Limited (Respondent No. 1) for initiation of Corporate Insolvency Resolution Process (CIRP) against Durga Prasad Agarwal and Biswanath Mondal (Appellants/Corporate Debtor). During the pendency of the appeal, Durga Prasad Agarwal expired, and his legal heirs were allowed to substitute him. The appellants challenged the NCLT order, arguing that the application under Section 7 of the IBC was barred by limitation and that the cheque issued by them was forged.
In 2011, Limtex Tea & Industries Limited (Respondent No. 1), extended a loan of Rs. 25,00,000 to Durga Prasad Agarwal and Biswanath Mondal (Appellants/Corporate Debtor). The loan was acknowledged by the Corporate Debtor. The Corporate Debtor issued a cheque dated 27.04.2015 for Rs. 25,00,000, which was dishonored due to 'Fund Insufficient'. The Financial Creditor issued a demand notice on 29th June, 2015, which was received by the Corporate Debtor on 30th June, 2015. The Corporate Debtor failed to pay the amount. The Financial Creditor filed an application under Section 7 of the IBC on 17th April, 2018. The Appellants claimed the application was barred by limitation and the cheque was forged. The NCLT admitted the application, leading to the appeal. During the
…Limtex Tea & Industries…
The Corporate Debtor…