This is an appeal against the order dated 26th February 2019 passed by the National Company Law Tribunal (NCLT), New Delhi, which admitted a Section 9 application filed by Worldwide Metals Pvt. Ltd., the Operational Creditor, against J.P. Engineers Pvt. Ltd., the Corporate Debtor. The appeal was filed by a shareholder of the Corporate Debtor, Adish Jain, under Section 61 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor, J.P. Engineers Pvt. Ltd., was a regular buyer of Aluminium Ingots and Wire Rods from the Operational Creditor, Worldwide Metals Pvt. Ltd. The Operational Creditor claimed that the Corporate Debtor owed Rs. 16,18,18,265/- for purchases made between 06.12.2017 and 16.04.2018. The Adjudicating Authority admitted the application under Section 9 of the IBC. The Corporate Debtor claimed a pre-existing dispute, citing a reply dated 28.08.2018 stating that accounts were reconciled. The Corporate Debtor also presented confirmatory letters and journal entries. The Operational Creditor disputed the authenticity of these documents, alleging forgery and fabrication. The Operational Creditor also argued that the Corporate Debtor had made payments to sister
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Order passed by National Company Law…
Operational Creditor…
This is an appeal against the order dated 26th February 2019 passed by the National Company Law Tribunal (NCLT), New Delhi, which admitted a Section 9 application filed by Worldwide Metals Pvt. Ltd., the Operational Creditor, against J.P. Engineers Pvt. Ltd., the Corporate Debtor. The appeal was filed by a shareholder of the Corporate Debtor, Adish Jain, under Section 61 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor, J.P. Engineers Pvt. Ltd., was a regular buyer of Aluminium Ingots and Wire Rods from the Operational Creditor, Worldwide Metals Pvt. Ltd. The Operational Creditor claimed that the Corporate Debtor owed Rs. 16,18,18,265/- for purchases made between 06.12.2017 and 16.04.2018. The Adjudicating Authority admitted the application under Section 9 of the IBC. The Corporate Debtor claimed a pre-existing dispute, citing a reply dated 28.08.2018 stating that accounts were reconciled. The Corporate Debtor also presented confirmatory letters and journal entries. The Operational Creditor disputed the authenticity of these documents, alleging forgery and fabrication. The Operational Creditor also argued that the Corporate Debtor had made payments to sister
…Order passed by National Company Law…
Operational Creditor…