The appeal challenges an order dated 20.09.2023, where an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, was dismissed. The application, filed by the Appellant/Operational Creditor, sought resolution for Rs. 1,41,57,817/-, including 18% interest per annum. The dismissal was based on the application being beyond the limitation period and below the threshold of Rs. 1 Cr., excluding interest. The appellant supplied polyester staple fiber to the Corporate Debtor (CD) against invoices from 20.01.2018 to 07.02.2018. Payments were made by the Respondent/CD over time, with the last payment on 05.07.2018. The application under Section 9 was filed electronically on 12.10.2021 and physically on 18.10.2021, but defects were not rectified due to a CIRP
…Jai Narain Fabtech Pvt. Ltd. (Appellant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Cheema Spintex Ltd. (Respondent/Corporate Debtor) for a resolution of debt amounting to Rs. 1,41,57,817/-, which included interest at 18% p.a. The application was dismissed by the NCLT on 20.09.2023 due to being beyond the limitation period and below the threshold of Rs. 1 Cr. The Appellant supplied polyester staple fiber to the CD between 20.01.2018 and 07.02.2018. The last payment from the CD was received on 05.07.2018. The application was filed electronically on 12.10.2021 and physically on 18.10.2021. A CIRP order dated 06.10.2021, which initially created an obstacle, was withdrawn on 30.05.2022. The IRP confirmed the admission of the
…Sign in to view the parties.
Invoices issued from…
Invoices issued from…
Sign in to view related legal provisions.
The appeal challenges an order dated 20.09.2023, where an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, was dismissed. The application, filed by the Appellant/Operational Creditor, sought resolution for Rs. 1,41,57,817/-, including 18% interest per annum. The dismissal was based on the application being beyond the limitation period and below the threshold of Rs. 1 Cr., excluding interest. The appellant supplied polyester staple fiber to the Corporate Debtor (CD) against invoices from 20.01.2018 to 07.02.2018. Payments were made by the Respondent/CD over time, with the last payment on 05.07.2018. The application under Section 9 was filed electronically on 12.10.2021 and physically on 18.10.2021, but defects were not rectified due to a CIRP
…Jai Narain Fabtech Pvt. Ltd. (Appellant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Cheema Spintex Ltd. (Respondent/Corporate Debtor) for a resolution of debt amounting to Rs. 1,41,57,817/-, which included interest at 18% p.a. The application was dismissed by the NCLT on 20.09.2023 due to being beyond the limitation period and below the threshold of Rs. 1 Cr. The Appellant supplied polyester staple fiber to the CD between 20.01.2018 and 07.02.2018. The last payment from the CD was received on 05.07.2018. The application was filed electronically on 12.10.2021 and physically on 18.10.2021. A CIRP order dated 06.10.2021, which initially created an obstacle, was withdrawn on 30.05.2022. The IRP confirmed the admission of the
…Invoices issued from…
Invoices issued from…
Sign in to view related legal provisions.