Anil Biyani Vs Axis Trustee Services Ltd. & Anr. (NCLAT Delhi)
NCLAT Delhi held that since existence of financial debt and default thereon is established, the adjudicating authority has rightly admitted section 7 application under the Insolvency and Bankruptcy Code. Accordingly, appeal dismissed.
Facts- This Appeal by a Suspended Director of the Corporate Debtor (“CD”) – Future Ideas Company Ltd. has been filed challenging the order dated 09.04.2025 passed by National Company Law Tribunal (“NCLT”), Mumbai Bench-VI admitting Section 7 Application filed by Axis Trustee Services Limited.
Conclusion- Held that the order of the adjudicating authority dated 09.04.2025, admitting Section 7 application, adjudicating authority has come to finding that there exist a financial debt within the meaning of Section 5(8) of the Code exceeding for the monetary default of ₹1 crore which is due and payable to the financial creditor. It was held that existence of financial debt and occurrence of default has been established by the financial creditor. Adjudicating Authority having returned the aforesaid finding, we do not find any error in the order of the adjudicating authority in admitting Section 7 application.
The order of the adjudicating authority dated 09.04.2025 indicate that adjudicating authority has elaborately considered all submissions raised by the parties, and after due consideration of all aspect to the matter has returned its finding and admitted Section 7 application. Order of the adjudicating authority dated 09.04.2025 is a well-considered order, which needs no interference by this Court in exercise of the Appellate Jurisdiction.
