The Appellant, M/s. Good Luck Traders, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating a corporate insolvency resolution process against Valley Iron & Steel Co. Ltd. (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, rejected the application on December 17, 2018, citing that the claim was barred by limitation. The Adjudicating Authority noted that a portion of the debt had already been paid and that the applicant failed to explain the delay in filing the claim, which pertained to the year 2012.
M/s. Good Luck Traders (Appellant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against Valley Iron & Steel Co. Ltd. (Corporate Debtor). The Adjudicating Authority rejected the application because it believed the claim was barred by limitation. The Adjudicating Authority noted that Rs. 39,46,440.26 had already been paid by the Respondent after a demand notice was issued under Section 8. The original unpaid amount was Rs. 54,46,440.26. Rs. 15,00,000/- was paid by the Respondent through 3 demand drafts in February 2018. The Appellant admitted that out of the total claim of Rs. 1,06,39,290.26/-, Rs. 39464440.26/- was the principal amount remaining to be paid, and Rs.
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The Appellant, M/s. Good Luck Traders, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating a corporate insolvency resolution process against Valley Iron & Steel Co. Ltd. (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, rejected the application on December 17, 2018, citing that the claim was barred by limitation. The Adjudicating Authority noted that a portion of the debt had already been paid and that the applicant failed to explain the delay in filing the claim, which pertained to the year 2012.
M/s. Good Luck Traders (Appellant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against Valley Iron & Steel Co. Ltd. (Corporate Debtor). The Adjudicating Authority rejected the application because it believed the claim was barred by limitation. The Adjudicating Authority noted that Rs. 39,46,440.26 had already been paid by the Respondent after a demand notice was issued under Section 8. The original unpaid amount was Rs. 54,46,440.26. Rs. 15,00,000/- was paid by the Respondent through 3 demand drafts in February 2018. The Appellant admitted that out of the total claim of Rs. 1,06,39,290.26/-, Rs. 39464440.26/- was the principal amount remaining to be paid, and Rs.
…The Adjudicating Authority (National Company Law…
M/s. Good Luck Traders…