Back
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Sandeep Mittal – Appellant
Versus
M/s ASREC (India) Ltd. – Respondent
| Table of Content |
|---|
| 1. admission of section 7 application. (Para 1 , 2) |
| 2. arguments regarding the nature of the transaction. (Para 3 , 4 , 5) |
| 3. analysis on the definition of financial debt. (Para 10 , 12 , 14) |
| 4. court's findings on the sale agreement and loan distinction. (Para 18 , 19 , 27) |
| 5. conclusion allowing appeal and rejecting section 7 application. (Para 45) |
JUDGMENT
ASHOK BHUSHAN, J.
These two Appeal(s) have been filed by Suspended Directors/ Promoters (Shri Sandeep Mittal and Shri Ravi Mittal) of the Corporate Debtor, challenging order dated 13.12.2023 passed by National Company Law Tribunal, New Delhi, Court-III, admitting Section 7 Application filed by M/s ASREC (India) Ltd. Aggrieved by the order admitting Section 7 Application, these Appeal(s) have been filed.
2. Brief facts of the case necessary to be noticed for deciding the Appeal(s) are:
(i) Gujarat State Financial Corporation (“GSFC”), Gujarat Industrial Investment Corporation (“GIIC”), Bank of Baroda, and Dena Bank had advanced Term Lan of Rs.30 lakhs; Rs.60 lakhs; Rs.16.50 lakhs; and Rs.16.50 lakhs respectively to M/s Ganpati Pulp and Paper Ltd. (hereinafter referred to as the “GPPL”), Bavla, District, Ahmedabad.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
