The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shreesha Merla (Technical Member) has dismissed an appeal and held that claims of a Financial Creditor and members of CoC cannot be reargued once the order of NCLAT has already attained finality.
Background Facts
On 02/04/2011, Mahal Hotel Private Limited (Appellant) had entered into a Business Transfer Agreement (BTA) with the Corporate Debtor for the purpose of acquiring a hotel project as an ongoing concern for a total Sale Consideration of Rs. 480 Crores.
On 22/03/2013, the BTA was terminated as the transaction was not completed. Following this on 22/07/2013, the Appellant sought a refund of the total …
Read the full article at: https://www.livelaw.in/ibc-cases/nclat-chennai-amount-paid-as-part-of-business-transfer-agreement-not-a-financial-creditor-243579