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 payment dispute arose. The respondent initiated the insolvency process due to unpaid dues. The Adjudicating Authority directed the appellant to pay interest at 12% for the delayed payment period. The appellant filed an appeal against this order.
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 under Rule 5 of the I&B Code. 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. On January 25, 2019, both parties informed the Adjudicating Authority about the settlement and payment schedule accepted
…Sign in to view the parties.
The Adjudicating Authority passed an order…
Respondent supplied Tiscon TMT Steel Coil/…
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 payment dispute arose. The respondent initiated the insolvency process due to unpaid dues. The Adjudicating Authority directed the appellant to pay interest at 12% for the delayed payment period. The appellant filed an appeal against this order.
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 under Rule 5 of the I&B Code. 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. On January 25, 2019, both parties informed the Adjudicating Authority about the settlement and payment schedule accepted
…The Adjudicating Authority passed an order…
Respondent supplied Tiscon TMT Steel Coil/…