This case involves an appeal against an order dated 20.03.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in a company petition (IB) 4186/MB/2019. The appellant, VRG Healthcare Pvt. Ltd., filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against the respondent, VRG Infrastructure Pvt. Ltd. The Adjudicating Authority dismissed the petition, holding that the appellant's claim was not a financial debt within the meaning of Section 5(8) of the IBC. The appellant, being aggrieved by this order, filed the present appeal.
VRG Healthcare Pvt. Ltd. (Appellant) filed a petition under Section 7 of the IBC to initiate CIRP against VRG Infrastructure Pvt. Ltd. (Respondent). The NCLT, Mumbai Bench, dismissed the petition, stating the claim was not a financial debt under Section 5(8) of IBC. The Appellant and Respondent had common promoter directors, Mr. Ganesh Chakkarwar and Mr. Gitesh Muttemwar. A sum of INR 25,00,000 was transferred from the Respondent to the Appellant on 12.02.2011. The Appellant's balance sheet showed receipt of this money for FY 2010-11, co-signed by a common director. The Appellant's ledger account showed the amount accounted for against a credit entry in the name of Mr. Gitesh Muttemwar. The Appellant returned INR 10,00,000 to Mr. Muttemwar on 26.03.2011. The balance
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The Adjudicating Authority (National Company…
VRG Healthcare Pvt.…
This case involves an appeal against an order dated 20.03.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in a company petition (IB) 4186/MB/2019. The appellant, VRG Healthcare Pvt. Ltd., filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against the respondent, VRG Infrastructure Pvt. Ltd. The Adjudicating Authority dismissed the petition, holding that the appellant's claim was not a financial debt within the meaning of Section 5(8) of the IBC. The appellant, being aggrieved by this order, filed the present appeal.
VRG Healthcare Pvt. Ltd. (Appellant) filed a petition under Section 7 of the IBC to initiate CIRP against VRG Infrastructure Pvt. Ltd. (Respondent). The NCLT, Mumbai Bench, dismissed the petition, stating the claim was not a financial debt under Section 5(8) of IBC. The Appellant and Respondent had common promoter directors, Mr. Ganesh Chakkarwar and Mr. Gitesh Muttemwar. A sum of INR 25,00,000 was transferred from the Respondent to the Appellant on 12.02.2011. The Appellant's balance sheet showed receipt of this money for FY 2010-11, co-signed by a common director. The Appellant's ledger account showed the amount accounted for against a credit entry in the name of Mr. Gitesh Muttemwar. The Appellant returned INR 10,00,000 to Mr. Muttemwar on 26.03.2011. The balance
…The Adjudicating Authority (National Company…
VRG Healthcare Pvt.…