The Appellant, Rahul Sayal, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against S.S. Conbuild Pvt. Ltd., the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-II, rejected the application via an order dated January 24, 2019, leading to the present appeal.
Rahul Sayal, the Appellant and a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against S.S. Conbuild Pvt. Ltd., the Corporate Debtor. The Appellant claimed that Rs.1,21,26,500/- was due despite reminders. The Respondent contended that the principal amount of Rs.90,12,000/- had been paid back to the Appellant, and no amount was due. The Adjudicating Authority noted that the Respondent paid Rs.15,00,000/- on May 20, 2015, and Rs.45,00,000/- through three cheques in July and November 2015. After the application was filed, the Respondent paid Rs.10,00,000/-, Rs.11,00,000/-, and Rs.91,14,500/- back to the Appellant. The Appellant sought cancellation of the allotment and return of the amount. The Adjudicating Authority
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The Appellant, Rahul Sayal, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against S.S. Conbuild Pvt. Ltd., the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-II, rejected the application via an order dated January 24, 2019, leading to the present appeal.
Rahul Sayal, the Appellant and a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against S.S. Conbuild Pvt. Ltd., the Corporate Debtor. The Appellant claimed that Rs.1,21,26,500/- was due despite reminders. The Respondent contended that the principal amount of Rs.90,12,000/- had been paid back to the Appellant, and no amount was due. The Adjudicating Authority noted that the Respondent paid Rs.15,00,000/- on May 20, 2015, and Rs.45,00,000/- through three cheques in July and November 2015. After the application was filed, the Respondent paid Rs.10,00,000/-, Rs.11,00,000/-, and Rs.91,14,500/- back to the Appellant. The Appellant sought cancellation of the allotment and return of the amount. The Adjudicating Authority
…The Responden…
The Respondent paid a…