NTC Logistics India (P) Ltd., an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Canadian Crystalline Water India Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Division Bench-I, Chennai, admitted the application on November 7, 2019. This order was challenged by the Appellant.
NTC Logistics India (P) Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Canadian Crystalline Water India Limited (Corporate Debtor). The National Company Law Tribunal (NCLT), Chennai, admitted the application on November 7, 2019. The Appellant challenged this order. During the appeal, the Appellant submitted that they had settled the claim with the Respondent (Operational Creditor). The Committee of Creditors had not been constituted. The Interim Resolution Professional (IRP) stated that they had not been paid their fees and costs, with Rs. 2 Lakh already paid and Rs. 2.75 Lakh still outstanding. The IRP had worked for about 20 days and
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The Adjudicating Authority (National Company…
Learned counsel for the Appellant submitted that…
NTC Logistics India (P) Ltd., an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Canadian Crystalline Water India Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Division Bench-I, Chennai, admitted the application on November 7, 2019. This order was challenged by the Appellant.
NTC Logistics India (P) Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Canadian Crystalline Water India Limited (Corporate Debtor). The National Company Law Tribunal (NCLT), Chennai, admitted the application on November 7, 2019. The Appellant challenged this order. During the appeal, the Appellant submitted that they had settled the claim with the Respondent (Operational Creditor). The Committee of Creditors had not been constituted. The Interim Resolution Professional (IRP) stated that they had not been paid their fees and costs, with Rs. 2 Lakh already paid and Rs. 2.75 Lakh still outstanding. The IRP had worked for about 20 days and
…The Adjudicating Authority (National Company…
Learned counsel for the Appellant submitted that…