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NATIONAL COMPANY LAW TRIBUNAL
SH. MOHAN P. TIWARI, SH. SANJEEV SHARMA, JJ
Tanay Securities & Services Private Limited – Appellant
Versus
Mittal Soya Protein Private Limited – Respondent
| Table of Content |
|---|
| 1. jurisdiction established under ibc for financial creditors. (Para 1 , 5 , 9) |
| 2. corporate debtor disputes claims of liability and repayment. (Para 11 , 12 , 15) |
| 3. absence of clear financial debt terms results in application rejection. (Para 36 , 39) |
| 4. penalties imposed for attempting misuse of bankruptcy law. (Para 40 , 41) |
ORDER
Delivered on 11.09.2025
1. The present Petition is filed on 23.10.2024 by the Applicant Tanay Securities and Services Private Limited and Mrs. Shashi Jain (hereinafter referred to as “Financial Creditor”) against the Respondent- Mittal Soya Protein Private Limited (hereinafter referred to as “Corporate Debtor”) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016(hereinafter referred to as “IB (AAA) Rules, 2016”) for initiation of Corporate Insolvency Resolution Process (CIRP), to appoint Interim Resolution Professional (hereinafter referred to as “IRP”) and declare the moratorium for having defaulted in payment of its outstanding dues of Rs.4,08,78,824/-.
2. In brief the Financial Creditors n
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