NATIONAL COMPANY LAW APPELLATE TRIBUNAL
PRINCIPAL BENCH, NEW DELHI
Company Appeal (AT) (Insolvency) No. 2040 of 2024
IN THE MATTER OF:
Ganesh Ashok Nanaware …Appellant
Versus
Manomay Ventures Pvt. Ltd. & Anr. …Respondents
Present:
For Appellant : Mr. Krishnendu Datta, Sr. Advocate.
For Respondents : Mr. Gupta, Advocate for R-2.
ORDER
(Hybrid Mode)
07.11.2024: Learned counsel for the Appellant contends that the
Adjudicating Authority has admitted Section 7 application filed by the
Respondent which was founded on three MOUs entered between the parties,
which was in nature of sale transaction of assets. The amount which is now
being claimed as debt was the amount retained by the Appellant out of the
larger amount of Rs.91 Crores for performance of certain obligations, which
are delineated in the MOU between the parties. It is submitted that the debt
was never financial debt. It is submitted that a suit has been filed for the
same amount which is pending in the Bombay High Court as well as
proceeding under Section 138 of Negotiable Instruments Act with regard to
dishonoured cheques is also pending. It is submitted that the Adjudicating
Authority has not correctly adverted to the nature of the transaction and erred
in holding the transaction as financial debt relying on the letter which was
written by the Appellant during the pendency of the proceeding for entering a
settlement between the parties.
Cont’d…/
2
Shri Gupta, learned counsel for the Respondent submits that the
nature of the debt was financial debt and the Adjudicating Authority did not
commit any error in admitting Section 7 application. He further submits that
own showing of the Corporate Debtor indicates that they treated transaction
as financial debt.
Submissions raised by learned counsel for the parties need
consideration. Issue notice. Let Reply be filed by the Respondents within
three weeks. Rejoinder be filed within two weeks thereafter.
List this Appeal on 19.12.2024.
In the meantime, in pursuance of the impugned order CoC be not
constituted. The IRP shall ensure that the Corporate Debtor is run as a going
concern and construction, if any, shall continue with the assistance of the
management and officers of the Corporate Debtor.
[Justice Ashok Bhushan]
Chairperson
[Barun Mitra]
Member (Technical)
[Arun Baroka]
Member (Technical)
Archana/nn
Company Appeal (AT) (Insolvency) No.2040 of 2024
