This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, which admitted an application filed by ‘M/s. Dynamic Cables Limited' (‘Operational Creditor') under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process against ‘M/s. India Power Corporation (Bodhgaya) Limited'- (‘Corporate Debtor'). The Operational Creditor alleged default of operational debt amounting to Rs. 2,32,46,235/-. The appellant, India Power Corporation Limited, contested the admission order primarily on the ground of pre-existence of a dispute.
M/s. Dynamic Cables Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. India Power Corporation (Bodhgaya) Limited (Corporate Debtor) alleging default of operational debt amounting to Rs. 2,32,46,235/-. The Adjudicating Authority admitted the application, leading to the initiation of Corporate Insolvency Resolution Process and imposition of a moratorium. India Power Corporation Limited (Appellant) appealed the order, claiming a pre-existing dispute. The Corporate Debtor argued that the goods supplied by the Operational Creditor were substandard, referencing a letter dated 14th May, 2018, and an email dated 19th July, 2018, requesting the Operational Creditor to take back the cables. The
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Corporate Debtor…
This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, which admitted an application filed by ‘M/s. Dynamic Cables Limited' (‘Operational Creditor') under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process against ‘M/s. India Power Corporation (Bodhgaya) Limited'- (‘Corporate Debtor'). The Operational Creditor alleged default of operational debt amounting to Rs. 2,32,46,235/-. The appellant, India Power Corporation Limited, contested the admission order primarily on the ground of pre-existence of a dispute.
M/s. Dynamic Cables Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. India Power Corporation (Bodhgaya) Limited (Corporate Debtor) alleging default of operational debt amounting to Rs. 2,32,46,235/-. The Adjudicating Authority admitted the application, leading to the initiation of Corporate Insolvency Resolution Process and imposition of a moratorium. India Power Corporation Limited (Appellant) appealed the order, claiming a pre-existing dispute. The Corporate Debtor argued that the goods supplied by the Operational Creditor were substandard, referencing a letter dated 14th May, 2018, and an email dated 19th July, 2018, requesting the Operational Creditor to take back the cables. The
…The Insolven…
Corporate Debtor…