The Appellant/Applicant/Operational Creditor, IDBI Capital Markets & Securities Ltd., filed Company Appeal (AT)(Insolvency) No. 524 of 2020 before the NCLAT, New Delhi, challenging the order dated 21st January, 2020 passed by the 'Adjudicating Authority'/National Company Law Tribunal, Ahmedabad Bench, Ahmedabad in CP(IB) No. (IB) 245/9/NCLT/AHM/2018. The Adjudicating Authority had dismissed the application filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code, 2016. The appeal contests the rejection of the CIRP application against the Corporate Debtor, JBF Petrochemicals Ltd., based on alleged operational debt.
IDBI Capital Markets & Securities Ltd. (Operational Creditor/Appellant) claimed that JBF Petrochemicals Ltd. (Corporate Debtor/Respondent) owed them money for services rendered in arranging working capital facilities. An offer letter dated June 2016 outlined the terms, including a commencement fee, fees upon issuance of a sanction letter, and a balance fee on financial closure. The Operational Creditor raised three invoices totaling Rs. 98 lakhs. The Corporate Debtor paid Rs. 20 lakhs against the first invoice. A dispute arose regarding the remaining amount, with the Corporate Debtor claiming that the services were not fully rendered, and the Operational Creditor claiming that the Corporate Debtor acknowledged the debt. The Adjudicating Authority dismissed the
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Offer letter for…
First invoice (Bill…
The Appellant/Applicant/Operational Creditor, IDBI Capital Markets & Securities Ltd., filed Company Appeal (AT)(Insolvency) No. 524 of 2020 before the NCLAT, New Delhi, challenging the order dated 21st January, 2020 passed by the 'Adjudicating Authority'/National Company Law Tribunal, Ahmedabad Bench, Ahmedabad in CP(IB) No. (IB) 245/9/NCLT/AHM/2018. The Adjudicating Authority had dismissed the application filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code, 2016. The appeal contests the rejection of the CIRP application against the Corporate Debtor, JBF Petrochemicals Ltd., based on alleged operational debt.
IDBI Capital Markets & Securities Ltd. (Operational Creditor/Appellant) claimed that JBF Petrochemicals Ltd. (Corporate Debtor/Respondent) owed them money for services rendered in arranging working capital facilities. An offer letter dated June 2016 outlined the terms, including a commencement fee, fees upon issuance of a sanction letter, and a balance fee on financial closure. The Operational Creditor raised three invoices totaling Rs. 98 lakhs. The Corporate Debtor paid Rs. 20 lakhs against the first invoice. A dispute arose regarding the remaining amount, with the Corporate Debtor claiming that the services were not fully rendered, and the Operational Creditor claiming that the Corporate Debtor acknowledged the debt. The Adjudicating Authority dismissed the
…Offer letter for…
First invoice (Bill…