9911796707
TMI Blog2024 (12) TMI 953X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Rajat Chaudhary & Ms. Kanika Balhara , for R - 2 to 46 JUDGMENT Per : Justice Rakesh Kumar Jain : This appeal has been filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 (in short 'Code') by the suspended director of ISINOX Pvt. Ltd. (Corporate Debtor) against the order dated 17.03.2023 passed by the National Company Law Tribunal, Mumbai by which CP (IB) No. 216 of 2022 filed by Somesh A Naik & Ors. (Financial Creditors) under Section 7 of the Code has been admitted and Manish Kumar R. Patel, a registered insolvency resolution professional was appointed as Interim Resolution Professional (IRP). 2. In brief, the petition under Section 7 of the Code was filed by Somesh A Naik & 44 others claiming an amount of Rs. 4,3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount within 60 days from the date of disbursement. 6. The Financial Creditors entered into an agreement for creation of rights (COR) dated 13.08.2019 amongst Manhar Alloys Pvt. Ltd. (the seller), the Financial Creditors, the Corporate Debtor (buyer) and Million Ventures Pvt. Ltd. (Platform provider). 7. The Financial Creditors claimed the said amounts as financial debt whereas the CD has alleged that it was an operational debt, therefore, the application was not maintainable. 8. The Tribunal has observed that there is no dispute that the CD had availed the facility of bill purchase of the invoices raised for supply of goods by it to the CD through Cred/Million Ventures, a fintech company and while interpreting Section 5(8)(e) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant has relied upon a decision of this Court rendered in the case of Minions Ventures Pvt. Ltd. Vs. TDT Copper Ltd., CA (AT) (Ins) No. 572 of 2022 to contend that in the said case also the controversy between the parties were exactly the same and this Court has held that the financers would enter into shoes of the seller in terms of Section 5(20) and 21(5) and Section 5(7) and 5(8)(e) of the Code would not apply. It was thus held that the application having been filed under Section 7 was not maintainable but the financers were relegated to avail their remedy under Section 9 of the Code. 11. Counsel for Respondent has argued vehemently that the transaction between the parties is in the nature of a financial debt, therefore, there is no e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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