The appeals challenge judgments and orders dated October 7, 2021, and October 29, 2021, passed by the National Company Law Appellate Tribunal (NCLAT). Civil Appeal No. 1143 of 2022 concerns whether the first respondent is a financial creditor under Section 5(7) of the Insolvency and Bankruptcy Code (IBC). The corporate debtor is M/s. Mount Shivalik Industries Limited. The NCLAT held that the first respondent is a financial creditor. Civil Appeals Nos. 6991-6994 of 2022 address whether the 1st to 4th respondents are financial creditors of the same corporate debtor. The NCLAT allowed the appeals, relying on its judgment in Civil Appeal No. 1143 of 2022.
Global Credit Capital Limited & Anr. filed appeals against Sach Marketing Pvt. Ltd. & Anr. concerning whether Sach Marketing is a financial creditor of Mount Shivalik Industries Limited under the IBC. Two agreements dated April 1, 2014, and April 1, 2015, between Mount Shivalik and Sach Marketing involved Sach Marketing acting as a 'Sales Promoter' for Mount Shivalik's beer in Ranchi. Sach Marketing deposited a minimum security of Rs. 53,15,000 with Mount Shivalik, carrying 21% interest per annum. The Oriental Bank of Commerce initiated IBC proceedings against Mount Shivalik. Sach Marketing initially claimed as an operational creditor, then as a financial creditor. The Resolution Professional rejected Sach Marketing's claim as a financial creditor. The NCLT
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The appeals challenge judgments and orders dated October 7, 2021, and October 29, 2021, passed by the National Company Law Appellate Tribunal (NCLAT). Civil Appeal No. 1143 of 2022 concerns whether the first respondent is a financial creditor under Section 5(7) of the Insolvency and Bankruptcy Code (IBC). The corporate debtor is M/s. Mount Shivalik Industries Limited. The NCLAT held that the first respondent is a financial creditor. Civil Appeals Nos. 6991-6994 of 2022 address whether the 1st to 4th respondents are financial creditors of the same corporate debtor. The NCLAT allowed the appeals, relying on its judgment in Civil Appeal No. 1143 of 2022.
Global Credit Capital Limited & Anr. filed appeals against Sach Marketing Pvt. Ltd. & Anr. concerning whether Sach Marketing is a financial creditor of Mount Shivalik Industries Limited under the IBC. Two agreements dated April 1, 2014, and April 1, 2015, between Mount Shivalik and Sach Marketing involved Sach Marketing acting as a 'Sales Promoter' for Mount Shivalik's beer in Ranchi. Sach Marketing deposited a minimum security of Rs. 53,15,000 with Mount Shivalik, carrying 21% interest per annum. The Oriental Bank of Commerce initiated IBC proceedings against Mount Shivalik. Sach Marketing initially claimed as an operational creditor, then as a financial creditor. The Resolution Professional rejected Sach Marketing's claim as a financial creditor. The NCLT
…First agreement between the corporate debtor and…
Second agreement between the corporate…