This case involves an appeal against the admission of a Section 9 application under the Insolvency and Bankruptcy Code (IBC) by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-IV). The appeal was filed by the Suspended Director of the Corporate Debtor, Dhanlaxmi Electricals Private Limited, challenging the order dated 06.12.2023. The Operational Creditor, Saraswati Wire & Cable Industries, claimed an outstanding amount for the supply of AB Cables. The Corporate Debtor argued that there was a pre-existing dispute regarding the quality and quantity of the supplied cables, as well as debit notes issued for faulty cables and non-supply of materials.
Dhanlaxmi Electricals Private Limited (Corporate Debtor) is a licensed contractor and engineer. Saraswati Wire & Cable Industries (Operational Creditor) supplied AB Cables to the Corporate Debtor. Invoices were raised from 2019-09-29 to 2019-10-06. On 2021-08-04, the Corporate Debtor's Account Manager emailed the Operational Creditor, pointing out ledger differences. The ledger reflected a closing balance of Rs. 1,79,93,690/- as of 2022-03-30. On 2021-08-25, the Operational Creditor issued a demand notice for Rs. 1,79,93,691/- + interest of Rs. 85,27,110/-, totaling Rs. 2,85,20,800/-. An advance copy of the Section 9 application was sent on 2021-11-09. The Corporate Debtor sent a notice of dispute on 2021-11-20, declining the demand, citing issues and debit notes
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This case involves an appeal against the admission of a Section 9 application under the Insolvency and Bankruptcy Code (IBC) by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-IV). The appeal was filed by the Suspended Director of the Corporate Debtor, Dhanlaxmi Electricals Private Limited, challenging the order dated 06.12.2023. The Operational Creditor, Saraswati Wire & Cable Industries, claimed an outstanding amount for the supply of AB Cables. The Corporate Debtor argued that there was a pre-existing dispute regarding the quality and quantity of the supplied cables, as well as debit notes issued for faulty cables and non-supply of materials.
Dhanlaxmi Electricals Private Limited (Corporate Debtor) is a licensed contractor and engineer. Saraswati Wire & Cable Industries (Operational Creditor) supplied AB Cables to the Corporate Debtor. Invoices were raised from 2019-09-29 to 2019-10-06. On 2021-08-04, the Corporate Debtor's Account Manager emailed the Operational Creditor, pointing out ledger differences. The ledger reflected a closing balance of Rs. 1,79,93,690/- as of 2022-03-30. On 2021-08-25, the Operational Creditor issued a demand notice for Rs. 1,79,93,691/- + interest of Rs. 85,27,110/-, totaling Rs. 2,85,20,800/-. An advance copy of the Section 9 application was sent on 2021-11-09. The Corporate Debtor sent a notice of dispute on 2021-11-20, declining the demand, citing issues and debit notes
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Operational Creditor…