This is an appeal filed under Section 61 of the Insolvency and Bankruptcy Code (IBC) by Manoj Stone Infra Pvt. Ltd. against an order dated 24.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Court-III) in CP(IB) No. 367 of 2022. The Adjudicating Authority had dismissed Section 9 application filed by the Appellant seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Railsys Engineers Pvt. Ltd.
Manoj Stone Infra Pvt. Ltd. (Appellant), an operational creditor, filed an application under Section 9 of the IBC to initiate CIRP against Railsys Engineers Pvt. Ltd. (Respondent/Corporate Debtor). The Appellant claimed that the Respondent owed them Rs. 1,94,41,234/-. The Appellant supplied signaling cables and other electronic items to the Respondent for onward supply to RITES Ltd. Two invoices totaling Rs. 2,57,26,234/- were raised and acknowledged by the Respondent with the remark 'Proceed for Payment'. The Respondent made a partial payment of Rs. 62,85,000/-. The Appellant issued a demand notice on 08.02.2022 under Section 8 of the IBC, which the Respondent did not reply to. The Respondent contended that there was no debt to be paid due to a pre-existing dispute
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The Appellant issued a…
The Appellant filed a Section 9 application…
This is an appeal filed under Section 61 of the Insolvency and Bankruptcy Code (IBC) by Manoj Stone Infra Pvt. Ltd. against an order dated 24.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Court-III) in CP(IB) No. 367 of 2022. The Adjudicating Authority had dismissed Section 9 application filed by the Appellant seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Railsys Engineers Pvt. Ltd.
Manoj Stone Infra Pvt. Ltd. (Appellant), an operational creditor, filed an application under Section 9 of the IBC to initiate CIRP against Railsys Engineers Pvt. Ltd. (Respondent/Corporate Debtor). The Appellant claimed that the Respondent owed them Rs. 1,94,41,234/-. The Appellant supplied signaling cables and other electronic items to the Respondent for onward supply to RITES Ltd. Two invoices totaling Rs. 2,57,26,234/- were raised and acknowledged by the Respondent with the remark 'Proceed for Payment'. The Respondent made a partial payment of Rs. 62,85,000/-. The Appellant issued a demand notice on 08.02.2022 under Section 8 of the IBC, which the Respondent did not reply to. The Respondent contended that there was no debt to be paid due to a pre-existing dispute
…The Appellant issued a…
The Appellant filed a Section 9 application…