The appeal was filed against the order dated July 24, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, in C.P. No. IB-591(ND)/2018. The Adjudicating Authority had admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by the Respondent – Yusen Logistic (India) Pvt. Ltd., passed an order of moratorium, and appointed an Interim Resolution Professional.
Premium Mouldings and Pressing Pvt. Ltd. (Appellant) filed an appeal against Yusen Logistic (India) Pvt. Ltd. & Anr. (Respondents). The appeal contested an order by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which had admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Yusen Logistic. The Appellant argued that a dispute existed because Yusen Logistic had not released Export Promotion Capital Goods Scheme related documents, which were contingent upon payment. The Appellant also claimed that the dispute had been settled, with Rs. 50 Lakhs paid to Yusen Logistic. Yusen Logistic acknowledged receiving the payment but did not dispute the non-delivery of the documents. The NCLAT found that a
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The Adjudicating Authority (National Company…
The Appellant paid Rs. 50 Lakhs towards…
The appeal was filed against the order dated July 24, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, in C.P. No. IB-591(ND)/2018. The Adjudicating Authority had admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by the Respondent – Yusen Logistic (India) Pvt. Ltd., passed an order of moratorium, and appointed an Interim Resolution Professional.
Premium Mouldings and Pressing Pvt. Ltd. (Appellant) filed an appeal against Yusen Logistic (India) Pvt. Ltd. & Anr. (Respondents). The appeal contested an order by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which had admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Yusen Logistic. The Appellant argued that a dispute existed because Yusen Logistic had not released Export Promotion Capital Goods Scheme related documents, which were contingent upon payment. The Appellant also claimed that the dispute had been settled, with Rs. 50 Lakhs paid to Yusen Logistic. Yusen Logistic acknowledged receiving the payment but did not dispute the non-delivery of the documents. The NCLAT found that a
…The Adjudicating Authority (National Company…
The Appellant paid Rs. 50 Lakhs towards…