The case involves an appeal against an order dated December 23, 2019, passed by the National Company Law Tribunal (NCLT), Division Bench, Chennai. The NCLT had rejected an application filed by the Appellant, M/s Quippo Energy Ltd. (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellant claimed that the Respondent, M/s Soundararaja Mills Limited (Corporate Debtor), owed them an operational debt. The Appellant and Respondent had entered into lease and service agreements, and the Appellant raised invoices for rental charges and services. The Respondent made partial payments until October 6, 2018, after which no further payments were made. The Appellant sent representations to the Respondent requesting payment of the
…M/s Quippo Energy Ltd. (Appellant/Operational Creditor) and M/s Soundararaja Mills Limited (Respondent/Corporate Debtor) entered into lease and service agreements for power generation equipment. The Appellant raised invoices for rental charges and services provided. The Respondent made partial payments until October 6, 2018. After this date, no further payments were made. The Appellant sent representations to the Respondent requesting payment of the outstanding amount. The Respondent acknowledged the debt in an email dated July 19, 2018, and proposed a repayment plan, but failed to adhere to it. The Appellant issued a demand notice under Section 8 of the IBC on April 20, 2019, claiming an operational debt of INR 1,13,29,658/- plus interest. The Respondent replied on
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The case involves an appeal against an order dated December 23, 2019, passed by the National Company Law Tribunal (NCLT), Division Bench, Chennai. The NCLT had rejected an application filed by the Appellant, M/s Quippo Energy Ltd. (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellant claimed that the Respondent, M/s Soundararaja Mills Limited (Corporate Debtor), owed them an operational debt. The Appellant and Respondent had entered into lease and service agreements, and the Appellant raised invoices for rental charges and services. The Respondent made partial payments until October 6, 2018, after which no further payments were made. The Appellant sent representations to the Respondent requesting payment of the
…M/s Quippo Energy Ltd. (Appellant/Operational Creditor) and M/s Soundararaja Mills Limited (Respondent/Corporate Debtor) entered into lease and service agreements for power generation equipment. The Appellant raised invoices for rental charges and services provided. The Respondent made partial payments until October 6, 2018. After this date, no further payments were made. The Appellant sent representations to the Respondent requesting payment of the outstanding amount. The Respondent acknowledged the debt in an email dated July 19, 2018, and proposed a repayment plan, but failed to adhere to it. The Appellant issued a demand notice under Section 8 of the IBC on April 20, 2019, claiming an operational debt of INR 1,13,29,658/- plus interest. The Respondent replied on
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