Naresh Chand, a suspended director of Ashiana Ispat Pvt. Ltd. (Corporate Debtor), appealed against an NCLT order admitting an insolvency application filed by Mani Mahesh Ispat Pvt. Ltd. (Operational Creditor) under Section 9 of the IBC. The Operational Creditor claimed an outstanding debt of Rs. 5,73,65,819/- for steel products supplied. The Corporate Debtor failed to pay, despite acknowledging the debt and issuing dishonoured cheques. The Corporate Debtor argued that a prior dispute existed and the debt's nature changed due to a settlement agreement and an agreement to sell property, which they claimed constituted novation of the contract.
The Appellant is a Suspended Director of Corporate Debtor Ashiana Ispat Pvt. Ltd. (CD).
The appeal is against the NCLT, Jaipur Bench judgment dated 03.07.2026, which admitted an application filed by the Operational Creditor (Respondent No. 1) under Section 9 of the IBC.
Mani Mahesh Ispat Pvt. Ltd. (Operational Creditor) is engaged in the business of selling steel products.
Ashiana Ispat Limited (CD) regularly purchased mild steel ingots and billets from the Operational Creditor.
The CD failed to make payment towards 27 invoices and two debit notes raised by the Operational Creditor after 29 April 2023.
The CD duly acknowledged ledger accounts from 1st April 2023 to 31st October 2023, showing an outstanding amount of Rs. 5,73,65,819/-.
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Naresh Chand, a suspended director of Ashiana Ispat Pvt. Ltd. (Corporate Debtor), appealed against an NCLT order admitting an insolvency application filed by Mani Mahesh Ispat Pvt. Ltd. (Operational Creditor) under Section 9 of the IBC. The Operational Creditor claimed an outstanding debt of Rs. 5,73,65,819/- for steel products supplied. The Corporate Debtor failed to pay, despite acknowledging the debt and issuing dishonoured cheques. The Corporate Debtor argued that a prior dispute existed and the debt's nature changed due to a settlement agreement and an agreement to sell property, which they claimed constituted novation of the contract.
The Appellant is a Suspended Director of Corporate Debtor Ashiana Ispat Pvt. Ltd. (CD).
The appeal is against the NCLT, Jaipur Bench judgment dated 03.07.2026, which admitted an application filed by the Operational Creditor (Respondent No. 1) under Section 9 of the IBC.
Mani Mahesh Ispat Pvt. Ltd. (Operational Creditor) is engaged in the business of selling steel products.
Ashiana Ispat Limited (CD) regularly purchased mild steel ingots and billets from the Operational Creditor.
The CD failed to make payment towards 27 invoices and two debit notes raised by the Operational Creditor after 29 April 2023.
The CD duly acknowledged ledger accounts from 1st April 2023 to 31st October 2023, showing an outstanding amount of Rs. 5,73,65,819/-.
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