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Financial Debt Adjustment Not Allowed in Section 4 IBC Threshold Calculation
Case Law Details
- Case Name
- Kailash Motilal Kakrania Vs Apurva Oil and Industries Private Limited (NCLAT Delhi)
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- NCLAT
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Kailash Motilal Kakrania Vs Apurva Oil and Industries Private Limited (NCLAT Delhi)
NCLAT Delhi held that there is no provision under the Insolvency and Bankruptcy Code which allows set of/adjustment/ counter claim against financial debt for calculating threshold limit prescribed under section 4 of the Code.
Facts- Mr. Kailash Motilal Kakrania and his wife Mrs. Manju Kailash Kakrania, collectively referred as Appellants hereinafter had filed a petition u/s. 7 of the Code on 04.09.2021 against Apurva Oil and Industries Private Limited (corporate debtor). Mr. Kailash Motilal Kakrania was a share...
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