The appeal was filed by Jindal Lifestyle Limited against the order dated 30.04.2024 passed by the National Company Law Tribunal, Chandigarh Bench in I.A. No. 792 of 2023 in C.P. (IB) 94/Chd/Hry/2020.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Arkin Creations Private Limited on 07.10.2022.
Prior to CIRP, Arkin Creations Private Limited initiated arbitration against Jindal Lifestyle Limited for non-payment towards supply of goods.
An Arbitral Award was issued on 23.01.2017 in favor of Arkin Creations Private Limited.
Jindal Lifestyle Limited claimed it did not receive a copy of the Arbitral Award until the demand notice dated 18.01.2023.
The demand notice sought payment of Rs. 44,99,365 comprising the principal amount of Rs. 21,50,332 and interest of Rs. 23,49,033.
The Adjudicating Authority allowed IA No. 792/2023, filed by the Respondent No. 1.
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Order passed by the National Company Law…
Corporate Insolvency Resolution Process…
The appeal was filed by Jindal Lifestyle Limited against the order dated 30.04.2024 passed by the National Company Law Tribunal, Chandigarh Bench in I.A. No. 792 of 2023 in C.P. (IB) 94/Chd/Hry/2020.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Arkin Creations Private Limited on 07.10.2022.
Prior to CIRP, Arkin Creations Private Limited initiated arbitration against Jindal Lifestyle Limited for non-payment towards supply of goods.
An Arbitral Award was issued on 23.01.2017 in favor of Arkin Creations Private Limited.
Jindal Lifestyle Limited claimed it did not receive a copy of the Arbitral Award until the demand notice dated 18.01.2023.
The demand notice sought payment of Rs. 44,99,365 comprising the principal amount of Rs. 21,50,332 and interest of Rs. 23,49,033.
The Adjudicating Authority allowed IA No. 792/2023, filed by the Respondent No. 1.
Order passed by the National Company Law…
Corporate Insolvency Resolution Process…