Praveen Kumar Mundra, claiming to be an Operational Creditor of CIL Securities Limited (Corporate Debtor), filed an appeal against an order dated December 10, 2018, where his application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) was rejected. The Appellant contended that the Corporate Debtor failed to make payment for services provided until February 28, 2018, with an outstanding due of Rs. 3,26,807.12, confirmed by the Corporate Debtor's ledger account. The Corporate Debtor expressed willingness to process the invoices if the Appellant registered under the GST Act, 2017. The Adjudicating Authority refused to entertain the application under Section 9 of the I&B Code, considering the Corporate Debtor's readiness to pay subject to GST
…Praveen Kumar Mundra (Appellant), claiming to be an Operational Creditor of CIL Securities Limited (Corporate Debtor), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) for unpaid services. The Corporate Debtor allegedly owed Rs. 3,26,807.12 for services provided until February 28, 2018. The Corporate Debtor acknowledged the debt but conditioned payment on the Appellant's registration under the GST Act, 2017. The Adjudicating Authority rejected the application. The Corporate Debtor offered a Demand Draft for Rs. 3,36,978.48 (issued March 5, 2019) through HDFC Bank in favor of 'Peenus Investments' (Operational Creditor). The Appellant refused to accept the Demand Draft, stating the offer was not made when the application was
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Order dated 10th December, 2018, whereby…
Services provided till 28th February, 2018 for…
Praveen Kumar Mundra, claiming to be an Operational Creditor of CIL Securities Limited (Corporate Debtor), filed an appeal against an order dated December 10, 2018, where his application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) was rejected. The Appellant contended that the Corporate Debtor failed to make payment for services provided until February 28, 2018, with an outstanding due of Rs. 3,26,807.12, confirmed by the Corporate Debtor's ledger account. The Corporate Debtor expressed willingness to process the invoices if the Appellant registered under the GST Act, 2017. The Adjudicating Authority refused to entertain the application under Section 9 of the I&B Code, considering the Corporate Debtor's readiness to pay subject to GST
…Praveen Kumar Mundra (Appellant), claiming to be an Operational Creditor of CIL Securities Limited (Corporate Debtor), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) for unpaid services. The Corporate Debtor allegedly owed Rs. 3,26,807.12 for services provided until February 28, 2018. The Corporate Debtor acknowledged the debt but conditioned payment on the Appellant's registration under the GST Act, 2017. The Adjudicating Authority rejected the application. The Corporate Debtor offered a Demand Draft for Rs. 3,36,978.48 (issued March 5, 2019) through HDFC Bank in favor of 'Peenus Investments' (Operational Creditor). The Appellant refused to accept the Demand Draft, stating the offer was not made when the application was
…Order dated 10th December, 2018, whereby…
Services provided till 28th February, 2018 for…