The appeal was filed by Ashoka Creations Limited, an Operational Creditor, against an order dated 12.03.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-V) in CP (IB) No. 707 of 2020. The Adjudicating Authority had dismissed Section 9 application filed by Ashoka Creations Limited seeking admission of Corporate Debtor Lykos India Pvt. Ltd. into Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor had a business relationship where the Operational Creditor purchased aluminium rods from the Corporate Debtor and sold copper cathodes to the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments of Rs. 11.52 cr for goods supplied, including interest.
…Ashoka Creations Limited (Operational Creditor) filed an appeal against Lykos India Private Limited (Corporate Debtor). The dispute arose from a business relationship where Ashoka Creations purchased aluminium rods from Lykos India and sold copper cathodes to them. Ashoka Creations claimed a default of Rs. 11.52 cr, including interest, for supplied goods. They issued a demand notice under Section 8 of the IBC, citing the date of default as 25.07.2016. Lykos India denied the debt and raised disputes. The Adjudicating Authority dismissed Ashoka Creations' Section 9 application, leading to the appeal. Ashoka Creations argued that 11 invoices were raised, and payments were chronologically allocated, with the Corporate Debtor acknowledging an outstanding balance. Lykos
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The date of default pleaded by the Operational…
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The appeal was filed by Ashoka Creations Limited, an Operational Creditor, against an order dated 12.03.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-V) in CP (IB) No. 707 of 2020. The Adjudicating Authority had dismissed Section 9 application filed by Ashoka Creations Limited seeking admission of Corporate Debtor Lykos India Pvt. Ltd. into Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor had a business relationship where the Operational Creditor purchased aluminium rods from the Corporate Debtor and sold copper cathodes to the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments of Rs. 11.52 cr for goods supplied, including interest.
…Ashoka Creations Limited (Operational Creditor) filed an appeal against Lykos India Private Limited (Corporate Debtor). The dispute arose from a business relationship where Ashoka Creations purchased aluminium rods from Lykos India and sold copper cathodes to them. Ashoka Creations claimed a default of Rs. 11.52 cr, including interest, for supplied goods. They issued a demand notice under Section 8 of the IBC, citing the date of default as 25.07.2016. Lykos India denied the debt and raised disputes. The Adjudicating Authority dismissed Ashoka Creations' Section 9 application, leading to the appeal. Ashoka Creations argued that 11 invoices were raised, and payments were chronologically allocated, with the Corporate Debtor acknowledging an outstanding balance. Lykos
…The date of default pleaded by the Operational…
The Operational…