The case involves an appeal against an order dated 2024-09-24 passed by the Adjudicating Authority (National Company Law Tribunal) Ahmedabad Division Bench, Court-1. The Adjudicating Authority admitted a Section 7 application filed by the Respondent. An earlier application was disposed of due to the commencement of insolvency against the Corporate Debtor, which was later restored by the Adjudicating Authority. Notices were issued, but no one appeared for the Corporate Debtor, leading the Adjudicating Authority to proceed ex parte and admit the Section 7 application.
The Adjudicating Authority (National Company Law Tribunal) Ahmedabad admitted a Section 7 application filed by the Respondent against the Corporate Debtor. An earlier insolvency proceeding against the Corporate Debtor was restored by the Adjudicating Authority. The Appellant challenges this order, arguing that there was no financial debt. An amount of Rs.2,65,00,000/- was transferred via RTGS, which the Appellant does not deny, but disputes its nature as a financial debt. The Adjudicating Authority relied on SEBI summons to conclude the amount was accepted as a loan. The Appellant also raised the issue of limitation. The Appellant offered to deposit Rs.2,65,00,000/- to show bonafide. The Corporate Debtor did not appear despite notices being served.
Sign in to view the parties.
The Adjudicating Authority restored the…
The Adjudicating Authority passed an order…
The case involves an appeal against an order dated 2024-09-24 passed by the Adjudicating Authority (National Company Law Tribunal) Ahmedabad Division Bench, Court-1. The Adjudicating Authority admitted a Section 7 application filed by the Respondent. An earlier application was disposed of due to the commencement of insolvency against the Corporate Debtor, which was later restored by the Adjudicating Authority. Notices were issued, but no one appeared for the Corporate Debtor, leading the Adjudicating Authority to proceed ex parte and admit the Section 7 application.
The Adjudicating Authority (National Company Law Tribunal) Ahmedabad admitted a Section 7 application filed by the Respondent against the Corporate Debtor. An earlier insolvency proceeding against the Corporate Debtor was restored by the Adjudicating Authority. The Appellant challenges this order, arguing that there was no financial debt. An amount of Rs.2,65,00,000/- was transferred via RTGS, which the Appellant does not deny, but disputes its nature as a financial debt. The Adjudicating Authority relied on SEBI summons to conclude the amount was accepted as a loan. The Appellant also raised the issue of limitation. The Appellant offered to deposit Rs.2,65,00,000/- to show bonafide. The Corporate Debtor did not appear despite notices being served.
The Adjudicating Authority restored the…
The Adjudicating Authority passed an order…