The appeal was filed by Achenbach Buschhutten GmbH & Co. against an order dated May 25, 2017, passed by the National Company Law Tribunal (NCLT), Chandigarh Bench, in CP(IB) No. 21/Chd/Hry/2017. The appellant, claiming to be an operational creditor, had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process against Arcotech Ltd. The NCLT had not entertained the application, referring to a clause of arbitration and the existence of a dispute.
Achenbach Buschhutten GmbH & Co., a company incorporated under the laws of Germany, claimed to be an operational creditor of Arcotech Ltd. and filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Arcotech Ltd. The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, did not entertain the application, citing the existence of an arbitration clause. The appellant did not enclose a certificate from a 'Financial Institution' confirming that there was no payment of unpaid operational debt by the Corporate Debtor, as required under Section 9(3)(c) of the I&B Code. The appellant enclosed a letter relating to 'confirmation of receipt of payment' from a foreign
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The National Company Law Tribunal (NCLT),…
The Appellate Tribunal decided 'Macquarie Bank…
The appeal was filed by Achenbach Buschhutten GmbH & Co. against an order dated May 25, 2017, passed by the National Company Law Tribunal (NCLT), Chandigarh Bench, in CP(IB) No. 21/Chd/Hry/2017. The appellant, claiming to be an operational creditor, had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process against Arcotech Ltd. The NCLT had not entertained the application, referring to a clause of arbitration and the existence of a dispute.
Achenbach Buschhutten GmbH & Co., a company incorporated under the laws of Germany, claimed to be an operational creditor of Arcotech Ltd. and filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Arcotech Ltd. The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, did not entertain the application, citing the existence of an arbitration clause. The appellant did not enclose a certificate from a 'Financial Institution' confirming that there was no payment of unpaid operational debt by the Corporate Debtor, as required under Section 9(3)(c) of the I&B Code. The appellant enclosed a letter relating to 'confirmation of receipt of payment' from a foreign
…The National Company Law Tribunal (NCLT),…
The Appellate Tribunal decided 'Macquarie Bank…