The case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Amaravati Bench at Hyderabad, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by 'M/s. Ice TV Private Limited' (Operational Creditor) against 'M/s. Sreedevi Digital Systems Private Limited' (Corporate Debtor). The Appellant, Shri IRK Raju, challenged the order, arguing that the application was filed fraudulently with malicious intent, seeking to extract money rather than resolve insolvency or liquidation. The dispute centers around two Memoranda of Understanding (MoUs) both dated 22nd November, 2015, and the payment of customs duty related to the supply of set-top boxes. The Appellant contended that the debt
…Shri IRK Raju, the appellant, challenged an order admitting an insolvency application against Sreedevi Digital Systems Private Limited, the corporate debtor. The application was filed by Ice TV Private Limited, the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The appellant argued the application was filed with malicious intent to extract money, not for resolution. The dispute revolves around two Memoranda of Understanding (MoUs) dated November 22, 2015. The operational creditor claimed an operational debt of Rs. 2,36,18,518, including customs duty. The appellant offered Rs. 1,06,38,500 based on the original MoU, but the operational creditor declined, demanding more. The appellant contended that the second MoU was forged and that
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Two Memoranda of Understanding (MoUs) were…
Demand Notice issued under Section 8(1)…
The case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Amaravati Bench at Hyderabad, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by 'M/s. Ice TV Private Limited' (Operational Creditor) against 'M/s. Sreedevi Digital Systems Private Limited' (Corporate Debtor). The Appellant, Shri IRK Raju, challenged the order, arguing that the application was filed fraudulently with malicious intent, seeking to extract money rather than resolve insolvency or liquidation. The dispute centers around two Memoranda of Understanding (MoUs) both dated 22nd November, 2015, and the payment of customs duty related to the supply of set-top boxes. The Appellant contended that the debt
…Shri IRK Raju, the appellant, challenged an order admitting an insolvency application against Sreedevi Digital Systems Private Limited, the corporate debtor. The application was filed by Ice TV Private Limited, the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The appellant argued the application was filed with malicious intent to extract money, not for resolution. The dispute revolves around two Memoranda of Understanding (MoUs) dated November 22, 2015. The operational creditor claimed an operational debt of Rs. 2,36,18,518, including customs duty. The appellant offered Rs. 1,06,38,500 based on the original MoU, but the operational creditor declined, demanding more. The appellant contended that the second MoU was forged and that
…Two Memoranda of Understanding (MoUs) were…
Demand Notice issued under Section 8(1)…