The appeal was filed by the Corporate Debtor against the order dated 31.07.2017 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench), which admitted an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by the Operational Creditor. The operational debt claimed was Rs. 4,82,98,924/- accrued on account of supply of Iron, Steel Goods, and Raw material. The Corporate Debtor was referred to as a sick unit on 09.11.2005 by BIFR, and the Sick Industrial Companies (Special Provisions) Repeal Act, 1985 was brought into force on 01.12.2016. The Operational Creditor served a statutory notice dated 26.04.2017 under Section 8 of the Code. The Corporate Debtor raised the issue of limitation, arguing that the default was of the
…Jord Engineers India Limited (Corporate Debtor) appealed against the order of the Adjudicating Authority (NCLT, Mumbai Bench) dated 31.07.2017, which admitted an application filed by Valia & Co. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 4,82,98,924/- for the supply of Iron, Steel Goods, and Raw material to the Corporate Debtor. The Corporate Debtor was referred to as a sick unit by BIFR on 09.11.2005. The Sick Industrial Companies (Special Provisions) Act, 1985 was repealed on 01.12.2016. The Operational Creditor served a statutory notice on 26.04.2017. The Corporate Debtor argued that the application was barred by limitation since the default occurred in 2011-12,
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The Corporate Debtor, Jord Engineers India…
The Sick Industrial Companies (Special…
The appeal was filed by the Corporate Debtor against the order dated 31.07.2017 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench), which admitted an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by the Operational Creditor. The operational debt claimed was Rs. 4,82,98,924/- accrued on account of supply of Iron, Steel Goods, and Raw material. The Corporate Debtor was referred to as a sick unit on 09.11.2005 by BIFR, and the Sick Industrial Companies (Special Provisions) Repeal Act, 1985 was brought into force on 01.12.2016. The Operational Creditor served a statutory notice dated 26.04.2017 under Section 8 of the Code. The Corporate Debtor raised the issue of limitation, arguing that the default was of the
…Jord Engineers India Limited (Corporate Debtor) appealed against the order of the Adjudicating Authority (NCLT, Mumbai Bench) dated 31.07.2017, which admitted an application filed by Valia & Co. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 4,82,98,924/- for the supply of Iron, Steel Goods, and Raw material to the Corporate Debtor. The Corporate Debtor was referred to as a sick unit by BIFR on 09.11.2005. The Sick Industrial Companies (Special Provisions) Act, 1985 was repealed on 01.12.2016. The Operational Creditor served a statutory notice on 26.04.2017. The Corporate Debtor argued that the application was barred by limitation since the default occurred in 2011-12,
…The Corporate Debtor, Jord Engineers India…
The Sick Industrial Companies (Special…