The appeal arises from an order dated 07.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Court-II) in CP (IB) No. 216/NCLT/AHM/2020, dismissing a Section 9 application filed by Shree Durga Iron and Steel Company Ltd. (the Appellant) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rawalwasia Textile Industries Pvt. Ltd. (the Respondent). The Appellant, an operational creditor, claimed that the Respondent, a corporate debtor, had defaulted on payments related to a High Seas Sale Agreement (HSSA) for the supply of coal.
Shree Durga Iron & Steel Company Ltd. (Appellant) and Rawalwasia Textile Industries Private Ltd. (Respondent) entered into a High Seas Sale Agreement (HSSA) dated 24.05.2014 for the supply of 4000 MTs of coal. The Appellant claimed to have supplied the coal in four consignments on 22.08.2014, raising an invoice of Rs. 1,63,29,680/- on 15.09.2014, and issuing a debit note for stevedoring charges of Rs.11,46,072/- on 24.12.2014. The Appellant filed a summary suit before the Bombay High Court, which decreed a sum of Rs. 2,45,78,804/- in their favor on 14.12.2018. The decree was served on the Respondent on 13.12.2019. The Appellant sent a Section 8 demand notice on 31.01.2020 and filed a Section 9 application on 28.02.2020. The Respondent contended that the coal
…Sign in to view the parties.
Appellant and Respondent entered into a High…
Appellant claimed to…
The appeal arises from an order dated 07.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Court-II) in CP (IB) No. 216/NCLT/AHM/2020, dismissing a Section 9 application filed by Shree Durga Iron and Steel Company Ltd. (the Appellant) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rawalwasia Textile Industries Pvt. Ltd. (the Respondent). The Appellant, an operational creditor, claimed that the Respondent, a corporate debtor, had defaulted on payments related to a High Seas Sale Agreement (HSSA) for the supply of coal.
Shree Durga Iron & Steel Company Ltd. (Appellant) and Rawalwasia Textile Industries Private Ltd. (Respondent) entered into a High Seas Sale Agreement (HSSA) dated 24.05.2014 for the supply of 4000 MTs of coal. The Appellant claimed to have supplied the coal in four consignments on 22.08.2014, raising an invoice of Rs. 1,63,29,680/- on 15.09.2014, and issuing a debit note for stevedoring charges of Rs.11,46,072/- on 24.12.2014. The Appellant filed a summary suit before the Bombay High Court, which decreed a sum of Rs. 2,45,78,804/- in their favor on 14.12.2018. The decree was served on the Respondent on 13.12.2019. The Appellant sent a Section 8 demand notice on 31.01.2020 and filed a Section 9 application on 28.02.2020. The Respondent contended that the coal
…Appellant and Respondent entered into a High…
Appellant claimed to…