Initiation of CIRP - NCLT rejected the application - From the ...

NCLT Denies CIRP Application: Loan Not Credited to Respondent's Account; MoU Lacks Validity as Financial Contract.

August 28, 2021

Case Laws Insolvency and Bankruptcy AT

Initiation of CIRP - NCLT rejected the application - From the records it is clear that the loan amount has not come to the account of the Respondent Company. The transaction between the Appellant, a partnership firm and the Director of the Respondent Company in his personal capacity. - There is no doubt that the Financial contract means, a contract between a Corporate Debtor and Financial Creditor. However, the MoU dated 05.07.2019 does not fit in this clause, in view of its genuineness, as Questioned by the Respondent. - AT

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Initiation of CIRP - NCLT rejected the application - From the ...

NCLT Denies CIRP Application: Loan Not Credited to Respondent's Account; MoU Lacks Validity as Financial Contract.

August 28, 2021

Case Laws Insolvency and Bankruptcy AT

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