This appeal arises from an order dated 19.12.2023 by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I) in C.P. (IB) No. 137/MB/C-I/2023, which admitted a Section 9 petition against the Corporate Debtor and initiated Corporate Insolvency Resolution Process (CIRP). The appellant, a shareholder of the Corporate Debtor, challenges this order. The Operational Creditor claimed the Corporate Debtor defaulted on payments for supplied Set Top Boxes (STB). A legal notice was sent on 07.07.2022, followed by a statutory demand notice on 18.11.2022 for USD 121,47,968. The Corporate Debtor issued a notice of dispute on 01.12.2022.
The Operational Creditor supplied Set Top Boxes (STB) to the Corporate Debtor on credit. The Corporate Debtor failed to make payments, leading the Operational Creditor to issue a legal notice on 07.07.2022. A statutory demand notice under Section 8 of the IBC was sent on 18.11.2022, demanding USD 121,47,968. The Corporate Debtor issued a notice of dispute on 01.12.2022. The Operational Creditor filed a Section 9 application on 14.12.2022, claiming USD 129,07,968. The date of default was stated as 10.03.2020. The Corporate Debtor acknowledged dues of USD 88,81,595 in an email dated 03.03.2021, but also claimed disputes. Emails from 02.06.2021 and 03.06.2021 raised disputes regarding the quality of goods, reconciliation of accounts, and settlement of debt notes. The
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This appeal arises from an order dated 19.12.2023 by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I) in C.P. (IB) No. 137/MB/C-I/2023, which admitted a Section 9 petition against the Corporate Debtor and initiated Corporate Insolvency Resolution Process (CIRP). The appellant, a shareholder of the Corporate Debtor, challenges this order. The Operational Creditor claimed the Corporate Debtor defaulted on payments for supplied Set Top Boxes (STB). A legal notice was sent on 07.07.2022, followed by a statutory demand notice on 18.11.2022 for USD 121,47,968. The Corporate Debtor issued a notice of dispute on 01.12.2022.
The Operational Creditor supplied Set Top Boxes (STB) to the Corporate Debtor on credit. The Corporate Debtor failed to make payments, leading the Operational Creditor to issue a legal notice on 07.07.2022. A statutory demand notice under Section 8 of the IBC was sent on 18.11.2022, demanding USD 121,47,968. The Corporate Debtor issued a notice of dispute on 01.12.2022. The Operational Creditor filed a Section 9 application on 14.12.2022, claiming USD 129,07,968. The date of default was stated as 10.03.2020. The Corporate Debtor acknowledged dues of USD 88,81,595 in an email dated 03.03.2021, but also claimed disputes. Emails from 02.06.2021 and 03.06.2021 raised disputes regarding the quality of goods, reconciliation of accounts, and settlement of debt notes. The
…The date of de…
Operational Creditor…