TaxTMI 
TaxTMI 
2026 (5) TMI 1308
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....arned Counsel for the Appellant, and perused the record. 2. The proceedings of this appeal are running ex-parte against the Respondent. 3. The instant appeal has been filed by the Appellant - Welnit Tradelink Pvt. Ltd., being aggrieved by the impugned order dated 17.09.2025 passed by the Learned NCLT, Ahmedabad Bench, Court No. 2 (Adjudicating Authority) in CP(IB)/274(AHM)/2025, whereby the petition moved by the Appellant under Section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) has been dismissed. 4. Learned Counsel for the Appellant while drawing our attention to the impugned judgment submits that the Learned Adjudicating Authority has not considered the facts of the instant case in correct perspective and has dismissed ....
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....arned Adjudicating Authority. Therefore, the impugned judgment be set aside and the matter be remanded back to the Learned Adjudicating Authority for decision afresh. 9. Learned Counsel for the Appellant, has also drawn our attention towards the financial statements of the CD as well as of the Appellant in order to show that, in the financial records, the money lended has been shown as debt, and the TDS is also shown in the financials of the CD which was a living proof of the fact that the money has been advanced as financial debt and interest has also been paid by the CD to the Appellant. 10. We have heard Learned Counsel for the Parties and perused the record. Having considered all the facts and circumstance of the case, and having ....
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....t and are being reproduced hereunder; 3. The complaint company was introduces to the Directors, Promoters and Shareholders of the accused company namely Ghanshaym Keshavlal Patel, Jyoshna Keshavlal patel, Shartiben Keshavlal Patel, Subhash P. Alex, Harijivan Chaturdas patel, Kanubhai Kantilal Patel and Mittalkumar Jagdishbhai Patel. Pursuant to such introduction, the aforementioned Directors, Promoters and Shareholders claimed that the accused no. 1 company was recently acquired by them, that they were in the process of recommencing and expanding operation and for such purpose needed investors who ready and willing to provide financial assistance in exchange of equity. Accordingly, after various discussions and deliberations, by an....
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.... company, the mode and manner in which the allotment of shares was to be undertaken, the price that was supposed to notionally fixed for such allotment, the purpose and utilization of the money as received from the complainant and hence, refused to share any details or data in connection with either the shares or the money as invested by the complainant. Additionally, the Directors, Promoters and Shareholders of accused no. 1 after receiving the aforementioned investment refused to either allot the equity shares or return the aforementioned invested amount. A copy of the ledger as maintained by the complaint is annexed hereto and marked as Annexure D. 5. Finally, after much persuasion, accused no. 1 to 3 with a view to make part pa....