M/s Morex Corporation Limited (Appellant) filed an appeal against the order dated 14.12.2023 passed by the Adjudicating Authority, National Company Law Tribunal, Allahabad Bench, Prayagraj, which rejected their Section 9 application under the Insolvency and Bankruptcy Code (IBC). The dispute arose from a business understanding between the Appellant and Jindal Poly Films Ltd. (Respondent) for the supply of non-woven fabric for export to China.
M/s Morex Corporation Limited (Appellant) and Jindal Poly Films Ltd. (Respondent) entered into a business understanding for the supply of non-woven fabric for export to China.
The Appellant issued a Purchase Order on 12.03.2020 and made advance payments of Rs.1.61 crores and Rs.1.38 crores to the Respondent.
The Respondent was required to hand over the cargo to the Forwarder by 23.03.2020.
The Government of India issued a notification on 19.03.2020 prohibiting the export of the contracted materials due to Covid-19.
The Appellant terminated the contract on 01.04.2020 and requested a refund of the advance amount.
The Appellant issued a demand notice on 15.05.2020 under Section 8 of the IBC to the Respondent.
The Respondent sent a Notice of Dispute on 20.05.2020.
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M/s Morex Corporation Limited (Appellant) filed an appeal against the order dated 14.12.2023 passed by the Adjudicating Authority, National Company Law Tribunal, Allahabad Bench, Prayagraj, which rejected their Section 9 application under the Insolvency and Bankruptcy Code (IBC). The dispute arose from a business understanding between the Appellant and Jindal Poly Films Ltd. (Respondent) for the supply of non-woven fabric for export to China.
M/s Morex Corporation Limited (Appellant) and Jindal Poly Films Ltd. (Respondent) entered into a business understanding for the supply of non-woven fabric for export to China.
The Appellant issued a Purchase Order on 12.03.2020 and made advance payments of Rs.1.61 crores and Rs.1.38 crores to the Respondent.
The Respondent was required to hand over the cargo to the Forwarder by 23.03.2020.
The Government of India issued a notification on 19.03.2020 prohibiting the export of the contracted materials due to Covid-19.
The Appellant terminated the contract on 01.04.2020 and requested a refund of the advance amount.
The Appellant issued a demand notice on 15.05.2020 under Section 8 of the IBC to the Respondent.
The Respondent sent a Notice of Dispute on 20.05.2020.
…Appellant issued a…
Appellant made…