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Non-stamping of promissory note cannot be reason to reject application u/s. 7 of IBC: NCLAT Delhi
Case Law Details
- Case Name
- Ravi Auto Ltd. Vs Surana Mercantiles Pvt. Ltd. (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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Ravi Auto Ltd. Vs Surana Mercantiles Pvt. Ltd. (NCLAT Delhi)
NCLAT Delhi held that since other materials on record prove the disbursement of amount and default, non-stamping of promissory note is inconsequential and could not be a reason to reject Section 7 application. Accordingly, appeal allowed.
Facts- The Financial Creditor disbursed an amount of Rs.1,00,00,000/- to the Corporate Debtor on 01.11.2016. A Promissory Note was also executed by the Corporate Debtor on 01.11.2016. The disbursement of Rs.1,00,00,000/- was also reflected in the ledger entry of the Financial Creditor. Corporate Deb...
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