This case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, which admitted an insolvency petition filed by Stanbic Bank Ghana Limited (financial creditor) against Rajkumar Impex Pvt Ltd (Corporate Debtor). The appellant, a shareholder of the Corporate Debtor, challenged the admission of the insolvency petition.
Stanbic Bank Ghana Limited, a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against Rajkumar Impex Pvt Ltd (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Chennai Bench, admitted the application. Rajkumar Impex Ghana Ltd, a subsidiary of Rajkumar Impex Pvt Ltd, received a medium-term loan from Stanbic Bank Ghana Limited. Rajkumar Impex Pvt Ltd, the holding company, executed a guarantee in favor of Stanbic Bank Ghana Limited, becoming a corporate guarantor. The appellant, a shareholder of Rajkumar Impex Pvt Ltd, appealed the Adjudicating Authority's order, arguing that Stanbic Bank Ghana Limited did not qualify as a financial
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This case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, which admitted an insolvency petition filed by Stanbic Bank Ghana Limited (financial creditor) against Rajkumar Impex Pvt Ltd (Corporate Debtor). The appellant, a shareholder of the Corporate Debtor, challenged the admission of the insolvency petition.
Stanbic Bank Ghana Limited, a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against Rajkumar Impex Pvt Ltd (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Chennai Bench, admitted the application. Rajkumar Impex Ghana Ltd, a subsidiary of Rajkumar Impex Pvt Ltd, received a medium-term loan from Stanbic Bank Ghana Limited. Rajkumar Impex Pvt Ltd, the holding company, executed a guarantee in favor of Stanbic Bank Ghana Limited, becoming a corporate guarantor. The appellant, a shareholder of Rajkumar Impex Pvt Ltd, appealed the Adjudicating Authority's order, arguing that Stanbic Bank Ghana Limited did not qualify as a financial
…The Adjudicating Authority (National Company…
The National Company Law Appellate Tribunal…