This Company Appeal was filed under Section 42 of the Insolvency and Bankruptcy Code, 2016, by Mrs. Nidhi Lamba, Proprietor of M/s. Elite Enterprises, against the order dated 30.12.2021 passed by the Liquidator. The appellant was treated as an Operational Creditor instead of a Financial Creditor. The appellant sought to set aside the order and be recognized as a Financial Creditor.
M/s. Elite Steels Private Limited initiated insolvency proceedings against M/s. Growthways Trading Private Limited, leading to the appointment of Mr. Sunil Kumar Agrawal as the liquidator. Mrs. Nidhi Lamba, proprietor of M/s. Elite Enterprises, claimed to be a financial creditor, asserting that she had advanced funds to M/s. Growthways Trading Private Limited with an agreed interest rate. The total investment made was Rs. 1,18,54,036/-, out of which Rs. 51,98,388/- was received, leaving a balance of Rs. 66,55,648/- plus interest at 24%. The liquidator classified Mrs. Lamba as an operational creditor, based on the agreement between the parties, which indicated that M/s. Elite Enterprises provided structuring solutions to M/s. Growthways Trading Private Limited,
…Sign in to view the parties.
The Adjudicating Authority admitted the…
Appointment of…
This Company Appeal was filed under Section 42 of the Insolvency and Bankruptcy Code, 2016, by Mrs. Nidhi Lamba, Proprietor of M/s. Elite Enterprises, against the order dated 30.12.2021 passed by the Liquidator. The appellant was treated as an Operational Creditor instead of a Financial Creditor. The appellant sought to set aside the order and be recognized as a Financial Creditor.
M/s. Elite Steels Private Limited initiated insolvency proceedings against M/s. Growthways Trading Private Limited, leading to the appointment of Mr. Sunil Kumar Agrawal as the liquidator. Mrs. Nidhi Lamba, proprietor of M/s. Elite Enterprises, claimed to be a financial creditor, asserting that she had advanced funds to M/s. Growthways Trading Private Limited with an agreed interest rate. The total investment made was Rs. 1,18,54,036/-, out of which Rs. 51,98,388/- was received, leaving a balance of Rs. 66,55,648/- plus interest at 24%. The liquidator classified Mrs. Lamba as an operational creditor, based on the agreement between the parties, which indicated that M/s. Elite Enterprises provided structuring solutions to M/s. Growthways Trading Private Limited,
…The Adjudicating Authority admitted the…
Appointment of…