The Appellant, Rahul Sayal, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process against S.S. Conbuild Pvt. Ltd. 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, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against S.S. Conbuild Pvt. Ltd., the Corporate Debtor. The Appellant claimed that Rs. 1,21,26,500/- was due despite reminders. The Respondent, S.S. Conbuild Pvt. Ltd., argued that the principal amount of Rs. 90,12,000/- had been repaid. The Adjudicating Authority noted that the Respondent had made several payments: Rs. 15,00,000/- on May 20, 2015, Rs. 45,00,000/- via three cheques in July and November 2015, and further payments of Rs. 10,00,000/-, Rs. 11,00,000/-, and Rs. 91,14,500/-. The Appellant sought a return of the allotment amount rather than the flat itself. The Adjudicating Authority rejected the
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The Respondent paid a…
The Respondent paid a sum of Rs. 45,00,000/-…
The Appellant, Rahul Sayal, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process against S.S. Conbuild Pvt. Ltd. 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, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against S.S. Conbuild Pvt. Ltd., the Corporate Debtor. The Appellant claimed that Rs. 1,21,26,500/- was due despite reminders. The Respondent, S.S. Conbuild Pvt. Ltd., argued that the principal amount of Rs. 90,12,000/- had been repaid. The Adjudicating Authority noted that the Respondent had made several payments: Rs. 15,00,000/- on May 20, 2015, Rs. 45,00,000/- via three cheques in July and November 2015, and further payments of Rs. 10,00,000/-, Rs. 11,00,000/-, and Rs. 91,14,500/-. The Appellant sought a return of the allotment amount rather than the flat itself. The Adjudicating Authority rejected the
…The Respondent paid a…
The Respondent paid a sum of Rs. 45,00,000/-…