2017 (12) TMI 1589 - AT - Insolvency and Bankruptcy

Insolvable proceedings - There is neither any explanation on record as to why after recall of the loan amount in November 2011, no steps were taken by the Financial Creditor to compel the Corporate Debtor either to pay or face the consequences under the various provisions of law, then existing. The petition is hopelessly incomplete and cannot be entertained. - Dismissed.

Summary

The National Company Law Appellate Tribunal dismissed the petition due to incomplete details and lack of explanation regarding the loan recall and subsequent actions by the Financial Creditor. The petitioner was given liberty to file a fresh petition with complete and detailed particulars on the same cause of action.