The appeal was filed by Sudhi Sachdev, the promoter of M/s Auto Décor Pvt. Ltd. (Corporate Debtor), against an order dated August 2, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench. The Adjudicating Authority had admitted an application under Section 9 of the Insolvency and Bankruptcy Code (I&B Code) filed by the Respondent, APPL Industries Ltd. (Operational Creditor), and had passed an order of moratorium.
Sudhi Sachdev, promoter of M/s Auto Décor Pvt. Ltd. (Corporate Debtor), filed an appeal against the order of the Adjudicating Authority (NCLT), New Delhi, which admitted an application under Section 9 of the I&B Code filed by APPL Industries Ltd. (Operational Creditor). The NCLT also passed a moratorium order. The Appellant argued that the Respondent had instituted cases under Section 138/441 of the Negotiable Instruments Act, 1881, which were pending in the court of Metropolitan Magistrate, Gurgaon. The Corporate Debtor had paid Rs.31,85,525/-, reducing the outstanding balance to Rs.34,25,251/-. The last payment was made on March 18, 2016. The Appellant contended that the Section 138 proceedings are civil cases for recovery of money, making the Section 9
…Sign in to view the parties.
The Adjudicating Authority (National Company…
The Corporate Debtor made the last payment of…
The appeal was filed by Sudhi Sachdev, the promoter of M/s Auto Décor Pvt. Ltd. (Corporate Debtor), against an order dated August 2, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench. The Adjudicating Authority had admitted an application under Section 9 of the Insolvency and Bankruptcy Code (I&B Code) filed by the Respondent, APPL Industries Ltd. (Operational Creditor), and had passed an order of moratorium.
Sudhi Sachdev, promoter of M/s Auto Décor Pvt. Ltd. (Corporate Debtor), filed an appeal against the order of the Adjudicating Authority (NCLT), New Delhi, which admitted an application under Section 9 of the I&B Code filed by APPL Industries Ltd. (Operational Creditor). The NCLT also passed a moratorium order. The Appellant argued that the Respondent had instituted cases under Section 138/441 of the Negotiable Instruments Act, 1881, which were pending in the court of Metropolitan Magistrate, Gurgaon. The Corporate Debtor had paid Rs.31,85,525/-, reducing the outstanding balance to Rs.34,25,251/-. The last payment was made on March 18, 2016. The Appellant contended that the Section 138 proceedings are civil cases for recovery of money, making the Section 9
…The Adjudicating Authority (National Company…
The Corporate Debtor made the last payment of…