This is an appeal filed by Sri Jawahar Lal Luthra against the order dated 19th August 2019 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, which admitted the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by Ganesh Rice & General Industries (Operational Creditor). The appellant challenges the admission of the application, arguing that there is no 'debt' payable by the 'Corporate Debtor' and that the application under Section 9 was not maintainable.
Ganesh Rice & General Industries (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Umachi Foods & Commodities Pvt. Ltd. (Corporate Debtor). The application was admitted by the Adjudicating Authority. Sri Jawahar Lal Luthra, a director of the Corporate Debtor, filed an appeal against the admission order. The appellant argued that there was no 'debt' payable by the Corporate Debtor and that the application under Section 9 was not maintainable. The Operational Creditor had issued a demand notice under Section 8(1) to the Corporate Debtor, but no reply was given. The Corporate Debtor had issued a cheque in favor of the Operational Creditor, which later bounced. The Corporate Debtor claimed that the
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The Adjudicating Authority (National Company…
Notice was issued to the 'Corporate Debtor' and…
This is an appeal filed by Sri Jawahar Lal Luthra against the order dated 19th August 2019 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, which admitted the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by Ganesh Rice & General Industries (Operational Creditor). The appellant challenges the admission of the application, arguing that there is no 'debt' payable by the 'Corporate Debtor' and that the application under Section 9 was not maintainable.
Ganesh Rice & General Industries (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Umachi Foods & Commodities Pvt. Ltd. (Corporate Debtor). The application was admitted by the Adjudicating Authority. Sri Jawahar Lal Luthra, a director of the Corporate Debtor, filed an appeal against the admission order. The appellant argued that there was no 'debt' payable by the Corporate Debtor and that the application under Section 9 was not maintainable. The Operational Creditor had issued a demand notice under Section 8(1) to the Corporate Debtor, but no reply was given. The Corporate Debtor had issued a cheque in favor of the Operational Creditor, which later bounced. The Corporate Debtor claimed that the
…The Adjudicating Authority (National Company…
Notice was issued to the 'Corporate Debtor' and…