Case Law Details
Mayur Suchak Vs Catalyst Trusteeship Limited (NCLAT Delhi)
NCLAT Delhi held that initiation of proceeding against the Corporate Debtor u/s 7 justifiable as debt and default duly admitted by the Corporate Debtor.
Facts- This Appeal has been filed by the Promoter of the Corporate Debtor – M/s Renaissance Indus Infra Pvt. Ltd. challenging the order dated 31.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court No. V admitting Section 7 application filed by the Financial Creditor – Catalyst Trusteeship Ltd. The Appellant, aggrieved by the order, has come up in this Appeal.
Conclusion- The Corporate Debtor – Appellant has not disputed the debt and default committed by the Corporate Debtor. Debt and default being admitted; the Adjudicating Authority has rightly admitted the Section 7 application.
We do not find any infirmity in the initiating proceeding against the Corporate Debtor under Section 7, there being debt and default undisputed and clearly proved by the fact as noted above. The Financial Creditor stepped in the shoes of the Debenture Holder on the basis of Assignment Deed dated 04.03.2021. In view of the foregoing consideration, we do not find any substance in grounds raised by the Appellant to interfere with the impugned order. There is no merit in the Appeal. Appeal is dismissed.
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