This case involves an appeal against an order dated 12th February, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which dismissed petitions filed by both Indo Alusys Industries Limited (Appellant) and SMW Metal Private Limited (Respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Appellant, claiming to be an operational creditor, filed an application against the Respondent, the corporate debtor, for operational dues. The Respondent also filed a cross-application against the Appellant. The Adjudicating Authority dismissed both petitions, leading to the present appeal.
Indo Alusys Industries Limited (Appellant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SMW Metal Private Limited (Respondent), claiming operational dues of Rs. 13,76,36,931/-. The Respondent also filed a cross-application claiming Rs. 2,43,34,100/- as principal amount with interest. The Appellant and Respondent had long-standing business dealings involving the sale and purchase of Aluminum Extrusions and Ingots. The Appellant claims that the Respondent acknowledged the liability through Credit Notes amounting to Rs. 24,86,67,626/- and a Memorandum of Understanding (MoU) dated 25th January, 2016. An Indemnity Bond was also executed on the same date. The Respondent terminated the MoU via letter dated 17th April, 2018. The
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This case involves an appeal against an order dated 12th February, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which dismissed petitions filed by both Indo Alusys Industries Limited (Appellant) and SMW Metal Private Limited (Respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Appellant, claiming to be an operational creditor, filed an application against the Respondent, the corporate debtor, for operational dues. The Respondent also filed a cross-application against the Appellant. The Adjudicating Authority dismissed both petitions, leading to the present appeal.
Indo Alusys Industries Limited (Appellant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SMW Metal Private Limited (Respondent), claiming operational dues of Rs. 13,76,36,931/-. The Respondent also filed a cross-application claiming Rs. 2,43,34,100/- as principal amount with interest. The Appellant and Respondent had long-standing business dealings involving the sale and purchase of Aluminum Extrusions and Ingots. The Appellant claims that the Respondent acknowledged the liability through Credit Notes amounting to Rs. 24,86,67,626/- and a Memorandum of Understanding (MoU) dated 25th January, 2016. An Indemnity Bond was also executed on the same date. The Respondent terminated the MoU via letter dated 17th April, 2018. The
…Memorandum of Understanding (MoU) and…
Appellant sent reply to…