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NATIONAL COMPANY LAW TRIBUNAL
Manni Sankariah Shanmuga Sundaram, Dr. Sanjeev Ranjan, JJ
M/s Saivi Finance Private Limited – Appellant
Versus
M/s AKJ Metals Private Limited – Respondent
| Table of Content |
|---|
| 1. jurisdiction established for cirp (Para 1 , 2 , 3) |
| 2. arguments regarding loan agreement validity (Para 4 , 5 , 6 , 7) |
| 3. analysis of loan transaction legitimacy (Para 9 , 10 , 11 , 12 , 13 , 14 , 15) |
| 4. criteria for fraudulent insolvency actions (Para 21 , 22 , 23) |
| 5. order of dismissal and penalties imposed (Para 29) |
ORDER
PER: MANNI SANKARIAH SHANMUGA SUNDARAM, MEMBER (JUDICIAL)
1. This Petition is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by M/s Saivi Finance Private Ltd. (“Financial Creditor”), seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against M/s AKJ Metals Private Limited [CIN: U74899DL1993PTC054127] (“Corporate Debtor”)
2. The Corporate Debtor was incorporated on 21.06.1993, under the Companies Act, 1956 . Its registered office is at 109, 1st Floor, Vardhman Mayur Market, CSC, Mayur Vihar, Phase III, Kondli Gharoli, New Delhi –110096. Therefore, this Bench has jurisdiction to deal with this petition.
3. The present petition was registered on 13.01.2024 before this Adjudicating Authority. It is submitted that the Corporate Debtor had defaulted the repayment of a total amount of Rs. 15,23,60,564/- (Rupees Fifteen
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