Company Appeal (AT) (Insolvency) No. 1021 of 2019

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NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

Company Appeal (AT) (Insolvency) No. 1021 of 2019

IN THE MATTER OF:

Karan Goel

.... Appellant

Vs

M/s Pashupati Jewellers & Anr.

.... Respondents

Present:

For Appellant:

Mr. Rana Mukherjee, Senior Advocate with

Ms. Bansuri Swaraj and Mr. Siddhash Kotwal,

Advocates.

For Respondents:

O R D E R

01.10.2019

This Appeal has been preferred by Mr. Karan Goyal,

Promoter of M/s Pashupati Jewellers (‘Corporate Debtor’) against order dated

20^th September, 2019 passed by the Adjudicating Authority (National

Company Law Tribunal), Special Bench New Delhi.

2.

By the impugned order, the Adjudicating Authority admitted the

application under Section 7 of the Insolvency and Bankruptcy Code, 2016

(for short the ‘I&B Code’) preferred by M/s Pashupati Jewellers (‘Financial

Creditor’). Learned Counsel appearing on behalf of the Appellant submits

that loan amount Rs.2,60,00,000/- was taken by one Mr. Bal Karan Singh

Bhullar from Sumedha Kanodia and an agreement was executed on

7^th April, 2017. The said