(1.) Hardly six years old, the Insolvency and Bankruptcy Code (hereinafter referred to as the ") continues to be a fertile ground to spawn litigation. Born in the year 2016, the IBC this time around has given rise to the question as to whether the appellant would be a financial creditor and entitled to be so treated in the Corporate Insolvency Resolution Process (CIRP, in short) commenced against the corporate debtor under the 'IBC '.
(2.) The appellant 'NOIDA' initially submitted Form 'B' and claimed as an operational creditor in regard to the dues outstanding under the lease. Subsequently the appellant filed a claim in Form 'C' and claimed as a financial creditor. There was some correspondence which reveals that the appellant insisted upon being treated as a financial creditor. Finally, the matter was considered by the adjudicating authority (NCLT) which held that there was no financial lease in terms of the Indian Accounting Standards and there was no financial debt. By the impugned order, NCLAT has affirmed the view taken by the NCLT. Hence the appeal.
(3.) The appellant in 2222 of 2021 is the appellant in this case also. The appeal is filed against an interim order passed by the NCLAT staying the order passed by the NCLT. By the order passed by the NCLT, the appellant herein was directed to be admitted as a financial creditor and adjudicating authority also directed to admit the whole of the claim of the appellant. In view of the order passed, which is the subject matter of C.A. No. 2222/2021, NCLAT found it fit to pass an order staying the order passed by the NCLT. Hence the appeals.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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