NCLT JUDGEMENT ON SECTION 5(B) OF THE EVIDENCE ACT, 1872, SECTION 2,4 OF THE BANKERS' BOOKS EVIDENCE ACT, 1891, RULE 4, 4(3)OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016 AND SECTION 4, 7, 7(1), 7(2), 7(5), 8, 8(1), 8(2), 14, 15, 16, 17, 18, 20, 21, 31(1), 33, 238 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016
Tata Capital Financial Services Limited Vs. Baldeo Metals Private Limited, (2020) 06 NCLT CK 0042 NCLT allowed the petition filed by the applicant under Section 7 of the Insolvency & Bankruptcy Code, 2016, (hereinafter referred to as the "Code"), praying for initiation of Corporate Insolvency Resolution Process of the Corporate Debtor on grounds of its inability to liquidate its financial debt. While allowing the petition NCLT held that when we shall consider the case in hand and the aforesaid decision and the provision then we find that in this case in hand, it is admitted fact that respondent had entered into an agreement and which is duly sanctioned by the applicant vide sanctioned letter dated 22.02.2018 and Channel Finance Facility was executed and modified on 09.03.2018 & 06.07.2018 and in that agreement, the name and address of the sellers is mentioned i.e. Vedanta and Hindalco and payment was directly made to the Vedanta and Hindalco in lieu of goods supplie...