# In the matter of B.E Billimoria and Company Ltd. Vs. Vikram Ispat Udyog CA(AT)(Ins) No. 477 of 2019

> NCLAT judgment dated 2020-02-11. Citation: TCN-2020-NCLAT-00417. The case arises from an order passed by the Adjudicating Authority (National Company Law…

- **Court:** NCLAT
- **Order date:** 11 Feb 2020
- **Citation:** TCN-2020-NCLAT-00417
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/be-billimoria-and-company-ltd-vs-vikram-ispat-udyog-ca-05d19ac0

## Summary

### Background

The case arises from an order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, regarding a corporate insolvency resolution process. The respondent supplied steel to the appellant, and a dispute arose regarding outstanding payments and interest on the delayed payments. The appellant filed an appeal against the order of the Adjudicating Authority.

## Facts

M/s B.E. Billimoria and Company Ltd. (Appellant) filed an appeal against an order passed by the Adjudicating Authority on January 25, 2019. M/s Vikram Ispat Udyog (Respondent) supplied Tiscon TMT Steel Coil/Bar to the Appellant between August 25, 2015, and December 19, 2015, worth Rs. 2,16,73,188. The Appellant made a payment of Rs. 1,17,93,537, leaving an outstanding amount of Rs. 98,79,591. On August 19, 2017, the Respondent sent a Demand Notice. The Respondent, dissatisfied with the Appellant's reply, filed an application under Section 9 of the I&B Code to initiate Corporate Insolvency Resolution Process. The Adjudicating Authority granted adjournments for settlement at the request of the parties. On January 25, 2019, both parties informed the Adjudicating

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority had the jurisdiction to direct the appellant to pay interest at …

**Ratio:** The Adjudicating Authority, exercising the power under Rule 11 of the National Company

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**Reasoning:** The appellate tribunal reasoned that since the parties had amicably settled their dispute

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**Interpretation:** Rule 11 of the National Company Law Tribunal Rules, 2016 empowers the Tribunal

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**Application:** The Adjudicating Authority's decision to direct the appellant to pay interest

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## Parties

- **Judges:** Jarat Kuma…; Balvinder…; +1 more
- **Appellants:** M/s B.E. Billimori…
- **Respondents:** M/s Vikram Ispat…
- **Advocates:** Dhaval Des…; Iswar Moh…

## Timeline

- **2015-08-25 — Supply of…**: Respondent supplied Tiscon TMT Steel Coil/Bar to the Appellant during the period of…
- **2015-12-19 — End of Supply…**: End date of the period during which Respondent supplied Tiscon TMT Steel Coil/Bar to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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