TaxTMI 
TaxTMI 
2019 (11) TMI 593
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....(Technical) For the Appellant : Mr. Ayandeb Mitra and Ms. Aastha Trivedi, Advocates For the Respondent : None ORDER Heard learned Counsel for the Appellant. The Appellant filed Section 7 proceeding under Insolvency and Bankruptcy, 2016 (In short IBC) before the Adjudicating Authority (National Company Law Tribunal, New Delhi, Court-III) against Gem Batteries Pvt. Ltd. which has been rejected b....
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....ned order dated 7th May, 2019 observed in paragraph-9 and 11 as under: ..... " 9. In the present case, no document has been produced on the part of petitioner by way of any loan agreement or demand promissory note or such other document to establish that the money is payable on demand and there has been default and that Corporate Debtor is also bound to pay interest on the loan amount made ava....
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....garding there being no agreement or demand promissory note or such other document etc., learned Counsel for the Appellant submits that Section 10 of the Contract Act, 1872 shows that agreement could be even oral. 5. Learned Counsel for the Appellant further submits that "financial contract" as defined in the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 does not de....
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....lant has failed to show any record showing financial debt to be there. As such, we are unable to find any fault in the impugned order while rejecting Section 7 application. 8. At this stage, learned Counsel for the Appellant submits that it was improper on the part of the Adjudicating Authority to impose a fine of Rs. 1 lakh relying on provision of Section 75 of IBC which relates to false informa....