This case involves an appeal against an order dated 22nd November 2021, passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench, Cuttack) in T.P. No.28/CTB/2019 in C.P. (IB) No.1206/KB/2018, which dismissed the application filed by the Appellant, M/s Ravinder Construction Company, against the Corporate Debtor, Kalinga Sponge Iron Limited. The Appellant sought initiation of CIRP against the Corporate Debtor based on an alleged default in paying a financial debt.
M/s Ravinder Construction Company, through its sole proprietor Mr. Ravinder Singh, filed an application under Section 7 of the I&B Code, 2016, against Kalinga Sponge Iron Limited, seeking initiation of CIRP. The Appellant claimed that the Corporate Debtor defaulted in paying a financial debt of Rs.4,62,92,880/-. Mr. Ravinder Singh was previously a director of the Corporate Debtor until 28.07.2017. The Corporate Debtor's account was classified as NPA on 13.02.2013, with a default amount of Rs.8,55,05,409/-. The Corporate Debtor argued that a Memorandum of Understanding (MoU) dated 22.06.2017 was entered into between the erstwhile and present directors, settling all liabilities. The Corporate Debtor issued a letter dated 12.04.2018, confirming that the net liability
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MoU entered into…
This case involves an appeal against an order dated 22nd November 2021, passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench, Cuttack) in T.P. No.28/CTB/2019 in C.P. (IB) No.1206/KB/2018, which dismissed the application filed by the Appellant, M/s Ravinder Construction Company, against the Corporate Debtor, Kalinga Sponge Iron Limited. The Appellant sought initiation of CIRP against the Corporate Debtor based on an alleged default in paying a financial debt.
M/s Ravinder Construction Company, through its sole proprietor Mr. Ravinder Singh, filed an application under Section 7 of the I&B Code, 2016, against Kalinga Sponge Iron Limited, seeking initiation of CIRP. The Appellant claimed that the Corporate Debtor defaulted in paying a financial debt of Rs.4,62,92,880/-. Mr. Ravinder Singh was previously a director of the Corporate Debtor until 28.07.2017. The Corporate Debtor's account was classified as NPA on 13.02.2013, with a default amount of Rs.8,55,05,409/-. The Corporate Debtor argued that a Memorandum of Understanding (MoU) dated 22.06.2017 was entered into between the erstwhile and present directors, settling all liabilities. The Corporate Debtor issued a letter dated 12.04.2018, confirming that the net liability
…The Corporate…
MoU entered into…