The appeal challenges the order dated 2023-01-11 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench) which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by the Respondent (Operational Creditor) for the resolution of an amount of Rs. 55,37,841/-. The Operational Creditor is engaged in the business of trading in steel and scrap of steel products, while the Corporate Debtor uses scrap as raw material. Regular transactions occurred between the parties for the supply of scrap. The Respondent issued a demand notice dated 2019-04-08, demanding Rs. 55,37,841/- for non-payment. The Appellant claims the demand notice was never received.
The Operational Creditor (KK Steels & Anr.) is in the business of trading steel and scrap, while the Corporate Debtor (Rajesh Kumar Pandey) uses scrap as raw material. Regular transactions occurred between them. The Operational Creditor issued a demand notice on 2019-04-08 for Rs. 55,37,841/- due to non-payment. The Corporate Debtor claims the notice was not received. The Operational Creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor contested the application, citing emails prior to the demand notice indicating complaints about the poor quality of the scrap. The Adjudicating Authority admitted the application, noting the Corporate Debtor's advantage from Form 27C of the Income Tax Act and continued
…Sign in to view the parties.
The Respondent (Operational Creditor) issued a…
The Appellant…
The appeal challenges the order dated 2023-01-11 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench) which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by the Respondent (Operational Creditor) for the resolution of an amount of Rs. 55,37,841/-. The Operational Creditor is engaged in the business of trading in steel and scrap of steel products, while the Corporate Debtor uses scrap as raw material. Regular transactions occurred between the parties for the supply of scrap. The Respondent issued a demand notice dated 2019-04-08, demanding Rs. 55,37,841/- for non-payment. The Appellant claims the demand notice was never received.
The Operational Creditor (KK Steels & Anr.) is in the business of trading steel and scrap, while the Corporate Debtor (Rajesh Kumar Pandey) uses scrap as raw material. Regular transactions occurred between them. The Operational Creditor issued a demand notice on 2019-04-08 for Rs. 55,37,841/- due to non-payment. The Corporate Debtor claims the notice was not received. The Operational Creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor contested the application, citing emails prior to the demand notice indicating complaints about the poor quality of the scrap. The Adjudicating Authority admitted the application, noting the Corporate Debtor's advantage from Form 27C of the Income Tax Act and continued
…The Respondent (Operational Creditor) issued a…
The Appellant…