The case involves an appeal against an order dated 23-08-2019 passed by the National Company Law Tribunal (NCLT), New Delhi, Bench-II, which dismissed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The appellant, M/s Jitendra Impex Private Limited, an operational creditor, filed the application against the respondent, Compack Enterprise India Private Limited, the corporate debtor. The NCLT dismissed the application, stating that the applicant's inconsistent conduct prevented it from establishing the amount claimed was owed and that the respondent had defaulted in payment.
M/s Jitendra Impex Private Limited, the appellant, is a company engaged in the wholesale trading/distributorship of paper and paper board. Compack Enterprise India Private Limited, the respondent, is the corporate debtor. The appellant had been dealing with the respondent since the financial year 2013-14, supplying paper and paper board based on written/verbal orders. The respondent was regularly transacting with the appellant, who supplied goods on a 30-day credit basis. The appellant maintained a running account for business dealings, against which the respondent made random payments. These payments were settled against outstanding invoices using the FIFO (first in first out) rule. Until November 2017, the respondent made intermittent payments that sufficiently
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The National Company Law Tribunal (NCLT), New…
Date of the ap…
The case involves an appeal against an order dated 23-08-2019 passed by the National Company Law Tribunal (NCLT), New Delhi, Bench-II, which dismissed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The appellant, M/s Jitendra Impex Private Limited, an operational creditor, filed the application against the respondent, Compack Enterprise India Private Limited, the corporate debtor. The NCLT dismissed the application, stating that the applicant's inconsistent conduct prevented it from establishing the amount claimed was owed and that the respondent had defaulted in payment.
M/s Jitendra Impex Private Limited, the appellant, is a company engaged in the wholesale trading/distributorship of paper and paper board. Compack Enterprise India Private Limited, the respondent, is the corporate debtor. The appellant had been dealing with the respondent since the financial year 2013-14, supplying paper and paper board based on written/verbal orders. The respondent was regularly transacting with the appellant, who supplied goods on a 30-day credit basis. The appellant maintained a running account for business dealings, against which the respondent made random payments. These payments were settled against outstanding invoices using the FIFO (first in first out) rule. Until November 2017, the respondent made intermittent payments that sufficiently
…The National Company Law Tribunal (NCLT), New…
Date of the ap…