The Financial Creditor filed a petition against the Corporate Debtor to execute an award passed by the Lok Adalat. The Counsel for the Financial Creditor failed to file necessary documents, such as the Board Resolution of the Company for borrowing money from the Corporate Debtor, and failed to show the entries of Bank statements. The Petitioner also failed to file the Demand Notice along with the proof of serving the same on the Corporate Debtor.
The Financial Creditor, Mr. Chappidi Swaminadha Rao, filed a petition against the Corporate Debtor, M/s. Averx Drugs Pvt. Ltd., seeking to execute an award passed by the Lok Adalat in O.S. No. 45 of 2021 dated 2021-08-16. The Financial Creditor failed to provide necessary documents, including the Board Resolution for borrowing money and bank statements. The Financial Creditor also failed to file a Demand Notice with proof of service on the Corporate Debtor. The petition was filed in the NCLT, even though the Lok Adalat Rules specify that parties should approach the same court to conduct proceedings further after the failure of the Lok Adalat settlement. The Corporate Debtor filed an application under Section 65(1) of the IBC, 2016, seeking a penalty for fraudulent
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Lok Adalat passed an…
Financial Creditor…
The Financial Creditor filed a petition against the Corporate Debtor to execute an award passed by the Lok Adalat. The Counsel for the Financial Creditor failed to file necessary documents, such as the Board Resolution of the Company for borrowing money from the Corporate Debtor, and failed to show the entries of Bank statements. The Petitioner also failed to file the Demand Notice along with the proof of serving the same on the Corporate Debtor.
The Financial Creditor, Mr. Chappidi Swaminadha Rao, filed a petition against the Corporate Debtor, M/s. Averx Drugs Pvt. Ltd., seeking to execute an award passed by the Lok Adalat in O.S. No. 45 of 2021 dated 2021-08-16. The Financial Creditor failed to provide necessary documents, including the Board Resolution for borrowing money and bank statements. The Financial Creditor also failed to file a Demand Notice with proof of service on the Corporate Debtor. The petition was filed in the NCLT, even though the Lok Adalat Rules specify that parties should approach the same court to conduct proceedings further after the failure of the Lok Adalat settlement. The Corporate Debtor filed an application under Section 65(1) of the IBC, 2016, seeking a penalty for fraudulent
…Lok Adalat passed an…
Financial Creditor…