This is an appeal filed by Mr. Jagdish Prasad Sharma, the suspended management of M/s India Offset Printers Private Limited, against an order dated September 11, 2024, passed by the National Company Law Tribunal (NCLT), Delhi Bench, in CP(IB) No.598/ND/2023. The NCLT admitted a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016, filed by the Respondent/Operational Creditor, M/s Silverline Graphics Private Limited, against M/s India Offset Printers Private Limited / Corporate Debtor. The Corporate Debtor challenged the order primarily on the grounds of pre-existing disputes, non-existence of debt, and limitation.
M/s Silverline Graphics Private Limited (Operational Creditor) filed a Section 9 application under the IBC against M/s India Offset Printers Private Limited (Corporate Debtor) for unpaid invoices. The Corporate Debtor argued that there were pre-existing disputes related to a rental arrangement between the promoters of both companies, where goods supplied were being adjusted against rent owed. The Corporate Debtor also claimed that the invoices were time-barred and that the transactions were not a running account. The Adjudicating Authority admitted the Section 9 application, leading to the appeal by the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor had acknowledged the debt through part payments and that the invoices were not time-barred
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This is an appeal filed by Mr. Jagdish Prasad Sharma, the suspended management of M/s India Offset Printers Private Limited, against an order dated September 11, 2024, passed by the National Company Law Tribunal (NCLT), Delhi Bench, in CP(IB) No.598/ND/2023. The NCLT admitted a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016, filed by the Respondent/Operational Creditor, M/s Silverline Graphics Private Limited, against M/s India Offset Printers Private Limited / Corporate Debtor. The Corporate Debtor challenged the order primarily on the grounds of pre-existing disputes, non-existence of debt, and limitation.
M/s Silverline Graphics Private Limited (Operational Creditor) filed a Section 9 application under the IBC against M/s India Offset Printers Private Limited (Corporate Debtor) for unpaid invoices. The Corporate Debtor argued that there were pre-existing disputes related to a rental arrangement between the promoters of both companies, where goods supplied were being adjusted against rent owed. The Corporate Debtor also claimed that the invoices were time-barred and that the transactions were not a running account. The Adjudicating Authority admitted the Section 9 application, leading to the appeal by the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor had acknowledged the debt through part payments and that the invoices were not time-barred
…Proceedings before the…
Order passed by the 'Adjudicating Authority'…