SPBP Holding Pvt. Ltd., a shareholder of Wearit Global Limited, filed an appeal against the order dated 08.04.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in CP(IB) No.100/KB/2019. The Adjudicating Authority had admitted an application under Section 9 of the IBC filed by Lomat International NV (Respondent No.1) and initiated Corporate Insolvency Resolution Process (CIRP) against Wearit Global Limited. SPBP Holding Pvt. Ltd. filed the appeal, claiming the Adjudicating Authority erroneously disregarded pre-existing disputes raised by the Corporate Debtor in emails dated 15.06.2018 and 30.07.2018, preceding the Section 8 notice of 21.09.2018.
Lomat International NV, an operational creditor, supplied raw material to Wearit Global Limited, the corporate debtor, and raised invoices. The operational creditor claimed that payment against four invoices had fallen due, with the fourth invoice dated 02.11.2017 falling due on 01.03.2018. The operational creditor issued a Section 8 demand notice on 21.09.2018, which was replied to by the corporate debtor on 03.10.2018, raising disputes. A civil suit was filed by the corporate debtor on 01.12.2018 before the Calcutta High Court. The operational creditor filed a Section 9 application in January 2019, claiming an operational debt of USD 2,933,869/- and Euro 8423 against four invoices. The corporate debtor contended the existence of a cyclical business arrangement and
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SPBP Holding Pvt. Ltd., a shareholder of Wearit Global Limited, filed an appeal against the order dated 08.04.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in CP(IB) No.100/KB/2019. The Adjudicating Authority had admitted an application under Section 9 of the IBC filed by Lomat International NV (Respondent No.1) and initiated Corporate Insolvency Resolution Process (CIRP) against Wearit Global Limited. SPBP Holding Pvt. Ltd. filed the appeal, claiming the Adjudicating Authority erroneously disregarded pre-existing disputes raised by the Corporate Debtor in emails dated 15.06.2018 and 30.07.2018, preceding the Section 8 notice of 21.09.2018.
Lomat International NV, an operational creditor, supplied raw material to Wearit Global Limited, the corporate debtor, and raised invoices. The operational creditor claimed that payment against four invoices had fallen due, with the fourth invoice dated 02.11.2017 falling due on 01.03.2018. The operational creditor issued a Section 8 demand notice on 21.09.2018, which was replied to by the corporate debtor on 03.10.2018, raising disputes. A civil suit was filed by the corporate debtor on 01.12.2018 before the Calcutta High Court. The operational creditor filed a Section 9 application in January 2019, claiming an operational debt of USD 2,933,869/- and Euro 8423 against four invoices. The corporate debtor contended the existence of a cyclical business arrangement and
…The last invoice for…
The last invoi…