This case involves an appeal against the admission of an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Uniply Industries Limited. The Adjudicating Authority, the National Company Law Tribunal (NCLT), Division Bench – I, Chennai, admitted the application filed by Kishan Chand Suresh Kumar, the Operational Creditor, based on an operational debt. The Appellant, Keshav Kantamneni, the Ex Managing Director of Uniply Industries Limited, challenged the order, contending that the debt was based on a Memorandum of Compromise and not an operational debt, and that the Respondent had accepted delayed payments.
Uniply Industries Limited, the Corporate Debtor, allegedly owed money to Kishan Chand Suresh Kumar, the Operational Creditor, for goods supplied. A Memorandum of Compromise was entered into between the parties, outlining a schedule of payments. The Appellant, Keshav Kantamneni, Ex Managing Director of Uniply Industries Limited, claimed to have made partial payments totaling Rs.3,20,00,000/- against an agreed debt sum of Rs.5,25,00,000/-, leaving an outstanding amount of Rs.2,05,00,000/-. The Operational Creditor issued a demand notice on 20.02.2020, alleging default. The Corporate Debtor was initially represented in proceedings but was later set ex-parte. The Adjudicating Authority admitted the application under Section 9 of the IBC, leading to the appeal. The
…Sign in to view the parties.
The Operational Creditor issued a demand notice…
The Adjudicating Authority passed the…
This case involves an appeal against the admission of an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Uniply Industries Limited. The Adjudicating Authority, the National Company Law Tribunal (NCLT), Division Bench – I, Chennai, admitted the application filed by Kishan Chand Suresh Kumar, the Operational Creditor, based on an operational debt. The Appellant, Keshav Kantamneni, the Ex Managing Director of Uniply Industries Limited, challenged the order, contending that the debt was based on a Memorandum of Compromise and not an operational debt, and that the Respondent had accepted delayed payments.
Uniply Industries Limited, the Corporate Debtor, allegedly owed money to Kishan Chand Suresh Kumar, the Operational Creditor, for goods supplied. A Memorandum of Compromise was entered into between the parties, outlining a schedule of payments. The Appellant, Keshav Kantamneni, Ex Managing Director of Uniply Industries Limited, claimed to have made partial payments totaling Rs.3,20,00,000/- against an agreed debt sum of Rs.5,25,00,000/-, leaving an outstanding amount of Rs.2,05,00,000/-. The Operational Creditor issued a demand notice on 20.02.2020, alleging default. The Corporate Debtor was initially represented in proceedings but was later set ex-parte. The Adjudicating Authority admitted the application under Section 9 of the IBC, leading to the appeal. The
…The Operational Creditor issued a demand notice…
The Adjudicating Authority passed the…