The appeal was filed by Subhash Chandra Goyal, the proprietor of Goyal Enterprises, under Section 61 R/w Section 9 of the Insolvency and Bankruptcy Code, 2016, against an order passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench. The appellant, an operational creditor, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against K B Ispat Private Ltd, the corporate debtor, for non-payment of dues. The corporate debtor raised concerns about the legitimacy of the appellant's supplier and the input tax credit availed by the appellant, leading to a dispute over the outstanding amount.
Subhash Chandra Goyal, the appellant, is the sole proprietor of Goyal Enterprises, an operational creditor. K B Ispat Private Ltd, the respondent, is the corporate debtor. The appellant supplied sponge iron and other goods to the corporate debtor. The business dealings between the parties commenced in 2018. The corporate debtor placed orders with the appellant, who procured materials from supporting manufacturers/suppliers and supplied them directly to the corporate debtor. Tax invoices from May 4, 2019, show supplier references. The appellant supplied 42 consignments of materials, with invoice values ranging from Rs. 5 lac to Rs. 12 lac. The corporate debtor raised debit notes on May 10, 2019, for Rs. 3,32,459/- due to quality issues, which the appellant accepted. The
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The appeal was filed by Subhash Chandra Goyal, the proprietor of Goyal Enterprises, under Section 61 R/w Section 9 of the Insolvency and Bankruptcy Code, 2016, against an order passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench. The appellant, an operational creditor, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against K B Ispat Private Ltd, the corporate debtor, for non-payment of dues. The corporate debtor raised concerns about the legitimacy of the appellant's supplier and the input tax credit availed by the appellant, leading to a dispute over the outstanding amount.
Subhash Chandra Goyal, the appellant, is the sole proprietor of Goyal Enterprises, an operational creditor. K B Ispat Private Ltd, the respondent, is the corporate debtor. The appellant supplied sponge iron and other goods to the corporate debtor. The business dealings between the parties commenced in 2018. The corporate debtor placed orders with the appellant, who procured materials from supporting manufacturers/suppliers and supplied them directly to the corporate debtor. Tax invoices from May 4, 2019, show supplier references. The appellant supplied 42 consignments of materials, with invoice values ranging from Rs. 5 lac to Rs. 12 lac. The corporate debtor raised debit notes on May 10, 2019, for Rs. 3,32,459/- due to quality issues, which the appellant accepted. The
…Business dealings between the Operational…
Operational Creditor…