The case involves an appeal against the dismissal of a Corporate Insolvency Resolution Process (CIRP) application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellant, Gandhar Oil Refinery (India) Ltd., is an operational creditor seeking to initiate CIRP against the Respondent, City Oil Pvt. Ltd., for non-payment of outstanding dues. The Adjudicating Authority dismissed the application in limini, leading to the present appeal before the National Company Law Appellate Tribunal (NCLAT). The core issue revolves around whether the interest amount on delayed payments can be included to meet the minimum threshold for initiating CIRP and whether the Adjudicating Authority erred in dismissing the application without providing the Respondent an
…Gandhar Oil Refinery (India) Ltd. (Appellant) is a public limited company engaged in processing petroleum products. City Oil Pvt. Ltd. (Respondent) is a private limited company involved in manufacturing and trading lubricants and grease. Since March 2014, the two companies have engaged in business transactions. The Respondent periodically placed orders with the Appellant for the supply of Divyol 75 and Divyol 480 (SN 500). In April and August 2018, the Respondent placed three purchase orders. The Appellant supplied the products as per the purchase orders, which were accepted without protest. The Appellant raised invoices totaling Rs. 73,56,627/- which were accepted by the Respondent. The Respondent owed Rs. 3,61,91,915.35/- towards credit transactions prior to April
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The Appellant and…
In April and August 2018,…
The case involves an appeal against the dismissal of a Corporate Insolvency Resolution Process (CIRP) application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellant, Gandhar Oil Refinery (India) Ltd., is an operational creditor seeking to initiate CIRP against the Respondent, City Oil Pvt. Ltd., for non-payment of outstanding dues. The Adjudicating Authority dismissed the application in limini, leading to the present appeal before the National Company Law Appellate Tribunal (NCLAT). The core issue revolves around whether the interest amount on delayed payments can be included to meet the minimum threshold for initiating CIRP and whether the Adjudicating Authority erred in dismissing the application without providing the Respondent an
…Gandhar Oil Refinery (India) Ltd. (Appellant) is a public limited company engaged in processing petroleum products. City Oil Pvt. Ltd. (Respondent) is a private limited company involved in manufacturing and trading lubricants and grease. Since March 2014, the two companies have engaged in business transactions. The Respondent periodically placed orders with the Appellant for the supply of Divyol 75 and Divyol 480 (SN 500). In April and August 2018, the Respondent placed three purchase orders. The Appellant supplied the products as per the purchase orders, which were accepted without protest. The Appellant raised invoices totaling Rs. 73,56,627/- which were accepted by the Respondent. The Respondent owed Rs. 3,61,91,915.35/- towards credit transactions prior to April
…The Appellant and…
In April and August 2018,…