The case involves two company appeals (552 and 553 of 2018) filed against the admission of applications under Section 9 of the Insolvency and Bankruptcy Code, 2016. Gandhar Oil Refinery (India) Limited, an operational creditor, filed these applications against Ind-Barath Power Gencom Limited and Ind-Barath Thermal Power Limited, respectively, for initiation of corporate insolvency resolution process. The appeals challenge the orders dated 7th September, 2018, which admitted the applications. The appellant contends that a pre-existing dispute existed in both cases, rendering the Section 9 applications not maintainable. The operational creditor disputes this claim but acknowledges that the parties have settled their claims.
Gandhar Oil Refinery (India) Limited, as an operational creditor, initiated corporate insolvency resolution processes against Ind-Barath Power Gencom Limited and Ind-Barath Thermal Power Limited by filing applications under Section 9 of the Insolvency and Bankruptcy Code, 2016. These applications were admitted by the Adjudicating Authority through orders dated September 7, 2018. The appellants challenged these orders, arguing that a pre-existing dispute existed before the applications were filed. Prior to the demand notices issued under Section 8(1) of the IBC, both Ind-Barath Power Gencom Limited (on September 27, 2017) and Ind-Barath Thermal Power Limited (on the same date) had issued notices to Gandhar Oil Refinery alleging deceit and disputing outstanding dues,
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Ind-Barath Powergencom Limited issued a…
Demand notice was…
The case involves two company appeals (552 and 553 of 2018) filed against the admission of applications under Section 9 of the Insolvency and Bankruptcy Code, 2016. Gandhar Oil Refinery (India) Limited, an operational creditor, filed these applications against Ind-Barath Power Gencom Limited and Ind-Barath Thermal Power Limited, respectively, for initiation of corporate insolvency resolution process. The appeals challenge the orders dated 7th September, 2018, which admitted the applications. The appellant contends that a pre-existing dispute existed in both cases, rendering the Section 9 applications not maintainable. The operational creditor disputes this claim but acknowledges that the parties have settled their claims.
Gandhar Oil Refinery (India) Limited, as an operational creditor, initiated corporate insolvency resolution processes against Ind-Barath Power Gencom Limited and Ind-Barath Thermal Power Limited by filing applications under Section 9 of the Insolvency and Bankruptcy Code, 2016. These applications were admitted by the Adjudicating Authority through orders dated September 7, 2018. The appellants challenged these orders, arguing that a pre-existing dispute existed before the applications were filed. Prior to the demand notices issued under Section 8(1) of the IBC, both Ind-Barath Power Gencom Limited (on September 27, 2017) and Ind-Barath Thermal Power Limited (on the same date) had issued notices to Gandhar Oil Refinery alleging deceit and disputing outstanding dues,
…Ind-Barath Powergencom Limited issued a…
Demand notice was…