This appeal was filed by the erstwhile promoter and director of M/s Ambassador Logistics Pvt. Ltd., Rajendra Bisht, challenging the order dated 11.02.2022 passed by the National Company Law Tribunal (NCLT), New Delhi, in C.P.(IB) No. 1924/ND/2019. The NCLT had admitted the Corporate Debtor into Corporate Insolvency Resolution Process (CIRP) based on an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Satkar Logistics Pvt. Ltd., the Operational Creditor. The Operational Creditor claimed an operational debt of Rs. 6,66,667/- along with interest at 24% per annum from 19.10.2016. The Operational Creditor had provided management/logistics services to the Corporate Debtor, raising invoices over time. The parties maintained a running
…M/s Ambassador Logistics Pvt. Ltd. (Corporate Debtor), through its erstwhile promoter and director Rajendra Bisht, filed an appeal against an order by the NCLT, New Delhi, which initiated CIRP against the company based on an application by M/s Satkar Logistics Pvt. Ltd. (Operational Creditor). The Operational Creditor claimed an outstanding operational debt of Rs. 6,66,667/- with 24% interest from 19.10.2016, for logistics services provided. The Corporate Debtor argued that a pre-existing dispute existed and that the claim was barred by limitation. The Operational Creditor issued a Section 8 notice on 27.02.2019, which the Corporate Debtor replied to on 07.03.2019. The NCLT admitted the application, finding it within the limitation period. The Corporate Debtor argued
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The Corporate Debtor…
The Operational Creditor issued a notice…
This appeal was filed by the erstwhile promoter and director of M/s Ambassador Logistics Pvt. Ltd., Rajendra Bisht, challenging the order dated 11.02.2022 passed by the National Company Law Tribunal (NCLT), New Delhi, in C.P.(IB) No. 1924/ND/2019. The NCLT had admitted the Corporate Debtor into Corporate Insolvency Resolution Process (CIRP) based on an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Satkar Logistics Pvt. Ltd., the Operational Creditor. The Operational Creditor claimed an operational debt of Rs. 6,66,667/- along with interest at 24% per annum from 19.10.2016. The Operational Creditor had provided management/logistics services to the Corporate Debtor, raising invoices over time. The parties maintained a running
…M/s Ambassador Logistics Pvt. Ltd. (Corporate Debtor), through its erstwhile promoter and director Rajendra Bisht, filed an appeal against an order by the NCLT, New Delhi, which initiated CIRP against the company based on an application by M/s Satkar Logistics Pvt. Ltd. (Operational Creditor). The Operational Creditor claimed an outstanding operational debt of Rs. 6,66,667/- with 24% interest from 19.10.2016, for logistics services provided. The Corporate Debtor argued that a pre-existing dispute existed and that the claim was barred by limitation. The Operational Creditor issued a Section 8 notice on 27.02.2019, which the Corporate Debtor replied to on 07.03.2019. The NCLT admitted the application, finding it within the limitation period. The Corporate Debtor argued
…The Corporate Debtor…
The Operational Creditor issued a notice…