This is an appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Appellant against the order dated 03.11.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench -IV) in CP(IB) No. 1057 MB-IV/2021. The Adjudicating Authority admitted the petition under Section 9 of the IBC and allowed the initiation of Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The Appellant, the suspended Director of the Corporate Debtor, is challenging this order.
Nik-San Engineering Company Ltd. (Corporate Debtor and Appellant) was engaged in a business relationship with Sterling Enamelled Wires Pvt. Ltd. (Operational Creditor and Respondent No.1). The Operational Creditor supplied material to the Corporate Debtor for the manufacture of transformers and raised several invoices in February 2020. The Operational Creditor issued a demand notice under Section 8 of the IBC on 14.08.2021, claiming Rs. 2,07,11,209/-. The Corporate Debtor claimed to have sent a reply notice of dispute, which the Operational Creditor denied receiving. The Corporate Debtor also raised disputes regarding the quality of goods. The Corporate Debtor sent a letter to Citi Commercial Bank on 23.07.2021, which the Adjudicating Authority considered an
…Sign in to view the parties.
Operational Creditor raised several invoices…
Corporate Debtor raised…
This is an appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Appellant against the order dated 03.11.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench -IV) in CP(IB) No. 1057 MB-IV/2021. The Adjudicating Authority admitted the petition under Section 9 of the IBC and allowed the initiation of Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The Appellant, the suspended Director of the Corporate Debtor, is challenging this order.
Nik-San Engineering Company Ltd. (Corporate Debtor and Appellant) was engaged in a business relationship with Sterling Enamelled Wires Pvt. Ltd. (Operational Creditor and Respondent No.1). The Operational Creditor supplied material to the Corporate Debtor for the manufacture of transformers and raised several invoices in February 2020. The Operational Creditor issued a demand notice under Section 8 of the IBC on 14.08.2021, claiming Rs. 2,07,11,209/-. The Corporate Debtor claimed to have sent a reply notice of dispute, which the Operational Creditor denied receiving. The Corporate Debtor also raised disputes regarding the quality of goods. The Corporate Debtor sent a letter to Citi Commercial Bank on 23.07.2021, which the Adjudicating Authority considered an
…Operational Creditor raised several invoices…
Corporate Debtor raised…