In the matter of Modern Syntex (India) Limited Ia No. 203-JPR-2022 In Cp (Ib) No. 39(PB)2018
Case brief
What is this about?
The NCLT rejected the Applicant's interim application seeking inclusion in the Committee of Creditors. The Court found the Applicant failed to substantiate the debt, assignation transactions, and payment of consideration due to missing bank statements and documents, casting suspicion on the claims.
What did the court decide?
No relief granted; the interim application requesting reinstatement in the Committee of Creditors was rejected; RP directed to report to Ministry of Corporate Affairs.
1
IN THE NATIONAL COMPANY LAW TRIBUNAL AT JAIPUR
CORAM: SHRI DEEP CHANDRA JOSHI, HON’BLE JUDICIAL MEMBER
SHRI PRASANTA KUMAR MOHANTY, HON’BLE TECHNICAL MEMBER
IA No. 203/JPR/2022 In CP (IB) No. 39(PB)2018
IN THE MATTER OF:
ADMINISTRATOR OF SPECIFIED UNDERTAKING OF UNIT TRUST OF INDIA & ANR.
…Petitioners
VERSUS
MODERN SYNTEX (INDIA) LIMITED
…Corporate Debtor
MEMO OF PARTIES
Issues for consideration
2 issues framed by the court
Whether the Applicant, alleging to have acquired financial claims via assignment, is entitled to be admitted as a Financial Creditor and included in the Committee of Creditors.
Whether the Applicant's establishment of debt existence and payment of consideration for the assignment satisfies the requirements for claim admission under the Insolvency and Bankruptcy Code.
Parties & counsel
- petitioner
Administrator of Specified Undertaking of Unit Trust of India & Anr.
- applicant
Dynamix Growth Avenues Pvt Ltd.
- respondent
Partha Sarathy Sarkar
- respondent
Administrator of Specified Undertaking of Unit Trust of India
Coram
Case details
As recorded by the court registry
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