Nilu R. Ahuja, claiming to be a financial creditor and shareholder of Ethan Textile India Private Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The applicant claimed to have extended financial assistance to the respondent company on different occasions. The respondent raised objections, stating that the application was based on purported loans given when the corporate debtor was controlled by the applicant's husband, and that there was no loan agreement or proof of disbursement.
Nilu R. Ahuja, an individual and shareholder of Ethan Textile India Private Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor. She alleged that she had given loans to the respondent company, resulting in a debt of Rs. 32,10,258/-. The respondent, Ethan Textile India Private Limited, argued that the loans were given when the company was controlled by the applicant's husband, Rajendra Ahuja, and that there was no loan agreement. The respondent also claimed that the debt was time-barred and that the application was incomplete. The applicant submitted documents such as ledger accounts, audited balance sheets, and bank statements to support her claim. The NCLT found that the applicant had not provided
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Nilu R. Ahuja, claiming to be a financial creditor and shareholder of Ethan Textile India Private Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The applicant claimed to have extended financial assistance to the respondent company on different occasions. The respondent raised objections, stating that the application was based on purported loans given when the corporate debtor was controlled by the applicant's husband, and that there was no loan agreement or proof of disbursement.
Nilu R. Ahuja, an individual and shareholder of Ethan Textile India Private Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor. She alleged that she had given loans to the respondent company, resulting in a debt of Rs. 32,10,258/-. The respondent, Ethan Textile India Private Limited, argued that the loans were given when the company was controlled by the applicant's husband, Rajendra Ahuja, and that there was no loan agreement. The respondent also claimed that the debt was time-barred and that the application was incomplete. The applicant submitted documents such as ledger accounts, audited balance sheets, and bank statements to support her claim. The NCLT found that the applicant had not provided
…The Insolven…
Order delivered on 9th…