The Appellant, Achenbach Buschhutten GmbH & Co., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against the Respondent, Arcotech Limited, the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, dismissed the appeal due to a notice of dispute raised by the Respondent and a defect in the judgment. The matter was initially heard by the Appellate Tribunal, which dismissed the appeal on other grounds, holding that a foreign bank's 'record of default' was not recognized under the I&B Code, and the bank had no office or account in India. This decision was based on a previous Appellate Tribunal decision in Macquarie Bank
…Achenbach Buschhutten GmbH & Co. (Appellant) and Arcotech Limited (Respondent/Corporate Debtor) entered into an agreement for the supply of a hot mill with electrical panels and switch cabinets. The agreement was initially dated 23rd December, 2014, and subsequently superseded by a 'supply contract agreement' on 9th November, 2015. A dispute arose regarding the advance payment guarantee provided by the Appellant, which the Respondent claimed was from Hermes instead of a commercial bank and thus unacceptable according to Reserve Bank of India regulations. The Respondent returned the original guarantee and requested a guarantee from a commercial bank. The Appellant issued a statutory demand notice for payment of Euro 4,472,638.99 under Sections 433 and 434 of the
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The initial agreement between the parties…
The initial agreement was superseded by a…
The Appellant, Achenbach Buschhutten GmbH & Co., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against the Respondent, Arcotech Limited, the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, dismissed the appeal due to a notice of dispute raised by the Respondent and a defect in the judgment. The matter was initially heard by the Appellate Tribunal, which dismissed the appeal on other grounds, holding that a foreign bank's 'record of default' was not recognized under the I&B Code, and the bank had no office or account in India. This decision was based on a previous Appellate Tribunal decision in Macquarie Bank
…Achenbach Buschhutten GmbH & Co. (Appellant) and Arcotech Limited (Respondent/Corporate Debtor) entered into an agreement for the supply of a hot mill with electrical panels and switch cabinets. The agreement was initially dated 23rd December, 2014, and subsequently superseded by a 'supply contract agreement' on 9th November, 2015. A dispute arose regarding the advance payment guarantee provided by the Appellant, which the Respondent claimed was from Hermes instead of a commercial bank and thus unacceptable according to Reserve Bank of India regulations. The Respondent returned the original guarantee and requested a guarantee from a commercial bank. The Appellant issued a statutory demand notice for payment of Euro 4,472,638.99 under Sections 433 and 434 of the
…The initial agreement between the parties…
The initial agreement was superseded by a…