The case involves an appeal against an order dated 02.05.2018 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, the Managing Director of Sonachi Industries Limited (Corporate Debtor), contested the admission of the application filed by Biostadt India Limited (Operational Creditor). The appellant argued that the NCLT's order was ex-parte and violated principles of natural justice because the Corporate Debtor was not properly served with notice. The Corporate Debtor acknowledged an outstanding debt to the Operational Creditor but claimed the materials supplied were of substandard quality.
Biostadt India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sonachi Industries Limited (Corporate Debtor) before the NCLT, Mumbai Bench, seeking initiation of corporate insolvency resolution process (CIRP) due to unpaid operational debt. The NCLT admitted the application. The Corporate Debtor, through its Managing Director (Appellant), appealed the NCLT's decision, arguing that the order was ex-parte and violated principles of natural justice because the Corporate Debtor was not properly served with notice. The Corporate Debtor acknowledged an outstanding debt of Rs.1,14,41,776.61 but claimed the materials supplied by the Operational Creditor were of substandard quality. The Operational
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The case involves an appeal against an order dated 02.05.2018 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, the Managing Director of Sonachi Industries Limited (Corporate Debtor), contested the admission of the application filed by Biostadt India Limited (Operational Creditor). The appellant argued that the NCLT's order was ex-parte and violated principles of natural justice because the Corporate Debtor was not properly served with notice. The Corporate Debtor acknowledged an outstanding debt to the Operational Creditor but claimed the materials supplied were of substandard quality.
Biostadt India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sonachi Industries Limited (Corporate Debtor) before the NCLT, Mumbai Bench, seeking initiation of corporate insolvency resolution process (CIRP) due to unpaid operational debt. The NCLT admitted the application. The Corporate Debtor, through its Managing Director (Appellant), appealed the NCLT's decision, arguing that the order was ex-parte and violated principles of natural justice because the Corporate Debtor was not properly served with notice. The Corporate Debtor acknowledged an outstanding debt of Rs.1,14,41,776.61 but claimed the materials supplied by the Operational Creditor were of substandard quality. The Operational
…Corporate Debtor sent an email to the…
Operational Creditor sent a legal notice to…