The appeal was filed by a suspended director of the corporate debtor, Juggilal Kamlapat Jute Mills Company Limited (now Geo Jute Ltd.), challenging the order dated 19.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench, Prayagraj), which admitted a Section 9 application filed by Devi Prasad.
The corporate debtor, JK Jute Mills Company Limited, was under BIFR from 1994 until 25.11.2016 when SICA was repealed.
A Section 9 application was filed by Devi Prasad, leading to the initiation of CIRP against the corporate debtor.
The Adjudicating Authority admitted the Section 9 application on 19.01.2024, holding that the operational creditor had proven the debt and default.
The appellant argued that the claim was not an operational debt and was barred by res judicata due to a previous application by JK Jute Mazdoor Morcha.
The respondent argued that the gratuity claim constituted an operational debt and there was no pre-existing dispute.
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JK Jute Mills Company Limited filed Reference…
The Draft Representation Scheme before BIFR…
The appeal was filed by a suspended director of the corporate debtor, Juggilal Kamlapat Jute Mills Company Limited (now Geo Jute Ltd.), challenging the order dated 19.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench, Prayagraj), which admitted a Section 9 application filed by Devi Prasad.
The corporate debtor, JK Jute Mills Company Limited, was under BIFR from 1994 until 25.11.2016 when SICA was repealed.
A Section 9 application was filed by Devi Prasad, leading to the initiation of CIRP against the corporate debtor.
The Adjudicating Authority admitted the Section 9 application on 19.01.2024, holding that the operational creditor had proven the debt and default.
The appellant argued that the claim was not an operational debt and was barred by res judicata due to a previous application by JK Jute Mazdoor Morcha.
The respondent argued that the gratuity claim constituted an operational debt and there was no pre-existing dispute.
…JK Jute Mills Company Limited filed Reference…
The Draft Representation Scheme before BIFR…