The tribunal considered the reasons made by each party and maintained the Adjudicating Authority’s ruling that the Appellant’s Section 7 petition was malicious and fraudulent.
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, upheld the adjudicating authority’s ruling and dismissed a Section 7 petition under the Insolvency Bankruptcy Code (IBC), 2016, finding that the petition was submitted maliciously.
Santoshi Finlease Private Limited, the appellant, filed a Section 7 application under the IBC Code, 2016 against Mothers Prode Dairy India Pt. Ltd., the corporate debtor, for failing to repay a loan of Rs 4 crores. After interest and payment delays, the corporate debtor’s total overdue balance was Rs….
