This is an appeal against the order dated 22nd July, 2020, passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-V) in IB 1677(ND)/2019. The Adjudicating Authority rejected the application filed by the Appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Section 9 application claimed that debt is due on the Corporate Debtor based on agreements dated 28th November, 2014, and 15th June, 2018. The operational creditor claimed that part payments were made, but the corporate debtor failed to clear outstanding dues, leading to a demand notice under Section 8 of IBC dated 30th April, 2019. The Corporate Debtor replied on 25th May, 2019, and subsequently, the Section 9 application was filed on 3rd June, 2019, claiming
…Brand Realty Services Ltd. (Appellant/Operational Creditor) filed a Section 9 application under the IBC against Sir John Bakeries India Pvt. Ltd. (Respondent/Corporate Debtor) claiming an operational debt of Rs. 54,94,874/-. The debt was based on agreements dated 28th November, 2014, and 15th June, 2018. The Appellant claimed that the Corporate Debtor made part payments but failed to clear outstanding dues. A demand notice under Section 8 of IBC was served on 30th April, 2019. The Corporate Debtor replied on 25th May, 2019, disputing the claim. The Adjudicating Authority (NCLT) rejected the Section 9 application, stating that the default of an installment of a settlement agreement does not fall within the definition of 'Operational Debt' and that the reply to the
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This is an appeal against the order dated 22nd July, 2020, passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-V) in IB 1677(ND)/2019. The Adjudicating Authority rejected the application filed by the Appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Section 9 application claimed that debt is due on the Corporate Debtor based on agreements dated 28th November, 2014, and 15th June, 2018. The operational creditor claimed that part payments were made, but the corporate debtor failed to clear outstanding dues, leading to a demand notice under Section 8 of IBC dated 30th April, 2019. The Corporate Debtor replied on 25th May, 2019, and subsequently, the Section 9 application was filed on 3rd June, 2019, claiming
…Brand Realty Services Ltd. (Appellant/Operational Creditor) filed a Section 9 application under the IBC against Sir John Bakeries India Pvt. Ltd. (Respondent/Corporate Debtor) claiming an operational debt of Rs. 54,94,874/-. The debt was based on agreements dated 28th November, 2014, and 15th June, 2018. The Appellant claimed that the Corporate Debtor made part payments but failed to clear outstanding dues. A demand notice under Section 8 of IBC was served on 30th April, 2019. The Corporate Debtor replied on 25th May, 2019, disputing the claim. The Adjudicating Authority (NCLT) rejected the Section 9 application, stating that the default of an installment of a settlement agreement does not fall within the definition of 'Operational Debt' and that the reply to the
…One of the agreements…
Another agreement…