The case involves an appeal against an order passed by the Adjudicating Authority (NCLT, Division Bench, Chennai) which rejected an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellants, Vinayaka Exports and Mrs. Divya M. Jain, claimed that the Adjudicating Authority should not have rejected their application. The Adjudicating Authority dismissed the application based on the existence of disputes between the Appellants and the Respondent, Colorhome Developers Pvt. Ltd., pending proceedings in various forums, and the lack of segregation in the statements of accounts between Colorhomes (sole proprietorship) and Colorhome Developers Pvt Ltd. The Adjudicating Authority also cited the pendency of a civil suit and a dispute in
…Vinayaka Exports and Mrs. Divya M. Jain (Appellants) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Colorhome Developers Pvt. Ltd. (Respondent/Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Appellants claimed that the Corporate Debtor defaulted on a financial debt. The First Applicant had granted debt of Rs. 8.20 Crores on 10.08.2012 and 01.12.2012 and Rs. 2 Crores disbursed by the Second Applicant on 28.09.2012. The total amount claimed to be default was Rs. 10,14,53,750/-. The Corporate Debtor had given a Promissory Note dated 01.12.2012 for a sum of Rs. 8.20 crores in favour of the First Appellant and Promissory Note dated 28.09.2012 for a sum of Rs. 2 Crores in favour of the Second
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The Adjudicating Authority passed an order…
The NCLAT set aside the order of the…
The case involves an appeal against an order passed by the Adjudicating Authority (NCLT, Division Bench, Chennai) which rejected an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellants, Vinayaka Exports and Mrs. Divya M. Jain, claimed that the Adjudicating Authority should not have rejected their application. The Adjudicating Authority dismissed the application based on the existence of disputes between the Appellants and the Respondent, Colorhome Developers Pvt. Ltd., pending proceedings in various forums, and the lack of segregation in the statements of accounts between Colorhomes (sole proprietorship) and Colorhome Developers Pvt Ltd. The Adjudicating Authority also cited the pendency of a civil suit and a dispute in
…Vinayaka Exports and Mrs. Divya M. Jain (Appellants) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Colorhome Developers Pvt. Ltd. (Respondent/Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Appellants claimed that the Corporate Debtor defaulted on a financial debt. The First Applicant had granted debt of Rs. 8.20 Crores on 10.08.2012 and 01.12.2012 and Rs. 2 Crores disbursed by the Second Applicant on 28.09.2012. The total amount claimed to be default was Rs. 10,14,53,750/-. The Corporate Debtor had given a Promissory Note dated 01.12.2012 for a sum of Rs. 8.20 crores in favour of the First Appellant and Promissory Note dated 28.09.2012 for a sum of Rs. 2 Crores in favour of the Second
…The Adjudicating Authority passed an order…
The NCLAT set aside the order of the…