The appeal arises from an order dated 26th October 2018, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, in a company petition. The order admitted a petition filed by Panipat Texo Fabs Pvt. Ltd. (Respondent No. 1) as an ‘Operational Creditor’ under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The appellant, a shareholder of Exclusive Overseas Pvt. Ltd. (Corporate Debtor), challenged the order, arguing that the goods supplied were defective and of inferior quality.
Panipat Texo Fabs Pvt. Ltd. (Operational Creditor) supplied polyester staple fiber to Exclusive Overseas Pvt. Ltd. (Corporate Debtor) in the first half of 2018. An amount of Rs. 6,56,788/- was outstanding against the Corporate Debtor as of 31.03.2018. The Corporate Debtor paid Rs. 1,50,000/- and Rs. 1,06,788/-, leaving Rs. 4,00,000/- unpaid. The Operational Creditor issued a demand notice under Section 8(1) of the I&B Code, demanding Rs. 4 lakhs with interest. The Corporate Debtor failed to comply, leading the Operational Creditor to file a petition under Section 9 of the I&B Code. The Adjudicating Authority admitted the petition. The appellant, a shareholder of the Corporate Debtor, argued that the goods supplied were defective, but failed to provide evidence
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The Adjudicating Authority (National Company…
The appellate tribunal dismissed the appeal…
The appeal arises from an order dated 26th October 2018, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, in a company petition. The order admitted a petition filed by Panipat Texo Fabs Pvt. Ltd. (Respondent No. 1) as an ‘Operational Creditor’ under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The appellant, a shareholder of Exclusive Overseas Pvt. Ltd. (Corporate Debtor), challenged the order, arguing that the goods supplied were defective and of inferior quality.
Panipat Texo Fabs Pvt. Ltd. (Operational Creditor) supplied polyester staple fiber to Exclusive Overseas Pvt. Ltd. (Corporate Debtor) in the first half of 2018. An amount of Rs. 6,56,788/- was outstanding against the Corporate Debtor as of 31.03.2018. The Corporate Debtor paid Rs. 1,50,000/- and Rs. 1,06,788/-, leaving Rs. 4,00,000/- unpaid. The Operational Creditor issued a demand notice under Section 8(1) of the I&B Code, demanding Rs. 4 lakhs with interest. The Corporate Debtor failed to comply, leading the Operational Creditor to file a petition under Section 9 of the I&B Code. The Adjudicating Authority admitted the petition. The appellant, a shareholder of the Corporate Debtor, argued that the goods supplied were defective, but failed to provide evidence
…The Adjudicating Authority (National Company…
The appellate tribunal dismissed the appeal…