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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Naresh Salecha, MEMBER (TECHNICAL)
Ms. Mausumi Bhattacharjee – Appellant
Versus
Jumbo Chemicals And Allied Industries Private Limited – Respondent
| Table of Content |
|---|
| 1. overview of the appeal and the financial context leading to cirp. (Para 1 , 3 , 4 , 5 , 7 , 10) |
| 2. discussion on novation and contractual obligations between the parties. (Para 14 , 22) |
| 3. clarification on the restoration of the legal entity and its implications for enforcement. (Para 26 , 27 , 31) |
| 4. reaffirmation of debt acknowledgment and applicability in insolvency. (Para 30 , 32) |
| 5. final decision affirming dismissal of the appeal. (Para 35) |
JUDGEMENT
(02.07.2024)
NARESH SALECHA, MEMBER (TECHNICAL)
1. The present Appeal has been filed by Ms. Mausumi Bhattacharjee the Promoter of Arjun Industries Limited (in short Appellant) Ms. Mausumi Bhattacharjee who is the Shareholder and Suspended Board of Director of Arjun Industries Limited (in short Corporate Debtor) under Section 61(1) of the Insolvency & Bankruptcy Code, 2016 (in short ‘Code’) in Company Appeal (AT) (Insolvency) No. 886 of 2024 against the Impugned Order dated 22.02.2024 passed by the National Company Law Tribunal, New Delhi Bench (Court - II) (in short ‘Adjudicating Authority’) in IB-79/ND/2022, whereby an application was filed under Section 7 of the Code by the Respondent No. 1 was considered and Corpora
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