The appeal was filed by the appellant (Shareholder) of G.M. Sugar & Energy Ltd. (Corporate Debtor) against the order dated June 15, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, which admitted the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, preferred by the respondent (Operational Creditor). The Adjudicating Authority had also passed an order of moratorium and appointed an Interim Resolution Professional.
G.M. Lingaraju, a shareholder of G.M. Sugar & Energy Ltd. (Corporate Debtor), filed an appeal against the order of the Adjudicating Authority (NCLT, Bengaluru) dated June 15, 2018. The Adjudicating Authority had admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Gurudatt Sugars Marketing Private Limited & Anr. (Operational Creditor). The appellant argued that a dispute existed before the demand notice was issued, citing a letter from M/s. Kejriwal Sugar Agencies Pvt. Ltd. dated February 10, 2017. The respondent's counsel admitted that M/s. Kejriwal Sugar Agencies Pvt. Ltd. was the broker between the 'Financial Creditor' and the 'Corporate Debtor' and that the amount due had been paid. The key fact is the existence of a
…Sign in to view the parties.
Letter from M/s.…
Demand notice issued…
The appeal was filed by the appellant (Shareholder) of G.M. Sugar & Energy Ltd. (Corporate Debtor) against the order dated June 15, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, which admitted the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, preferred by the respondent (Operational Creditor). The Adjudicating Authority had also passed an order of moratorium and appointed an Interim Resolution Professional.
G.M. Lingaraju, a shareholder of G.M. Sugar & Energy Ltd. (Corporate Debtor), filed an appeal against the order of the Adjudicating Authority (NCLT, Bengaluru) dated June 15, 2018. The Adjudicating Authority had admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Gurudatt Sugars Marketing Private Limited & Anr. (Operational Creditor). The appellant argued that a dispute existed before the demand notice was issued, citing a letter from M/s. Kejriwal Sugar Agencies Pvt. Ltd. dated February 10, 2017. The respondent's counsel admitted that M/s. Kejriwal Sugar Agencies Pvt. Ltd. was the broker between the 'Financial Creditor' and the 'Corporate Debtor' and that the amount due had been paid. The key fact is the existence of a
…Letter from M/s.…
Demand notice issued…