2019 (5) TMI 1896

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.... M/s. Ludhiana Scrips Private Limited - Financial Creditor as the Section 7 proceedings under Insolvency and Bankruptcy Code, 2016 (I&B Code) filed against the Respondent - K.C. Land and Finance Limited - Corporate Debtor has been rejected by the Adjudicating Authority (NCLT) Chandigarh Bench, Chandigarh. 2. The Appellant filed the proceedings under Section 7 claiming that there was debt due from the Respondent and there was default. 3. It appears that the Appellant had granted inter corporate loan to the Respondent. The amounts were disbursed to the Respondent on various dates and post-dated cheques had been issued by the Respondent which bounced and criminal complaints were filed under Section - 138 of the Negotiable Instruments Act....

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....der shows that the Adjudicating Authority was irritated that in the Application filed under Section 7, the Appellant had not disclosed the earlier dismissal of the Petition and observed that the Petitioner could not file another Petition on same cause of action. When the Appellant pointed out the subsequent agreement dated 15.06.2018 and its contents, which showed agreement with regard to payment of the principal amount and interest, it was discarded by the Adjudicating Authority observing that the Appellant could not raise this contention without having disclosed the filing of Petition earlier in which the same transaction of 2013 and agreement dated 20.05.2017 was relied on and had been rejected by the Tribunal. The Adjudicating Authority....

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....Oriental Bank of Commerce Branch Ambedkar Chowk, Nawanshr for Rs. 25,00,000/- 2. Cheque no. 024758 dated 25-7-2018 of Oriental Bank of Commerce, Branch Ambedkar Chowk Nawanshr for Rs. 25,00,000/- 3. Cheque no. 024759 dated 20.12.2018 of Oriental Bank of Commerce, Branch Ambedkar Chowk, Nawanshr for Rs. 1,00,00,000/- 4. Cheque No 024760 dated 31.12.2018 of Oriental bank of Commerce, Branch Ambedkar Chowk, Nawanshr for Rs. 3,00,00,000/-. Part No.2 i.e. M/s. K.C. Land and Finance Ltd. undertakes and assures that all these cheques will be honoured in the event of default Part No 1 will be at liberty to enforce this agreement by way of initiating legal proceedings against the Part No 1 and the amount recoverable will be with interest @ 18% from ....