The case involves two company appeals (600 and 601 of 2018) against a common impugned order dated August 6, 2018. The appeals challenge the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which directed 'Excello Fin Lea Limited' and 'Tirumala Balaji Alloys Pvt. Ltd.' to refund certain amounts to the 'Corporate Debtor', Monnet Ispat & Energy Limited, under the 'Corporate Insolvency Resolution Process'. The Resolution Professional had filed a Miscellaneous Application under Sections 43 and 44 of the Insolvency and Bankruptcy Code, 2016, alleging that the payments made by the 'Corporate Debtor' to the Appellants were preferential transactions.
Monnet Ispat & Energy Limited ('Corporate Debtor') underwent a 'Corporate Insolvency Resolution Process'. The Resolution Professional filed a Miscellaneous Application alleging 'preferential transactions' against 'Excello Fin Lea Limited' and 'Tirumala Balaji Alloys Pvt. Ltd.' ('Appellants'). 'Excello Fin Lea Limited' received Rs.23,48,40,274/- and 'Tirumala Balaji Alloys Pvt. Ltd.' received Rs.5,68,38,355/- from the 'Corporate Debtor'. The Adjudicating Authority directed the Appellants to refund these amounts, along with interest. The Appellants argued that they were in the business of extending loans and the transactions were in the ordinary course of business. They also stated that the 'Corporate Debtor' was facing financial stress and the lenders had
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Excello Fin Lea Limited…
Tirumala Balaji Alloys…
The case involves two company appeals (600 and 601 of 2018) against a common impugned order dated August 6, 2018. The appeals challenge the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which directed 'Excello Fin Lea Limited' and 'Tirumala Balaji Alloys Pvt. Ltd.' to refund certain amounts to the 'Corporate Debtor', Monnet Ispat & Energy Limited, under the 'Corporate Insolvency Resolution Process'. The Resolution Professional had filed a Miscellaneous Application under Sections 43 and 44 of the Insolvency and Bankruptcy Code, 2016, alleging that the payments made by the 'Corporate Debtor' to the Appellants were preferential transactions.
Monnet Ispat & Energy Limited ('Corporate Debtor') underwent a 'Corporate Insolvency Resolution Process'. The Resolution Professional filed a Miscellaneous Application alleging 'preferential transactions' against 'Excello Fin Lea Limited' and 'Tirumala Balaji Alloys Pvt. Ltd.' ('Appellants'). 'Excello Fin Lea Limited' received Rs.23,48,40,274/- and 'Tirumala Balaji Alloys Pvt. Ltd.' received Rs.5,68,38,355/- from the 'Corporate Debtor'. The Adjudicating Authority directed the Appellants to refund these amounts, along with interest. The Appellants argued that they were in the business of extending loans and the transactions were in the ordinary course of business. They also stated that the 'Corporate Debtor' was facing financial stress and the lenders had
…Excello Fin Lea Limited…
Tirumala Balaji Alloys…