The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, which treated an application under Sections 433, 434, and 439 of the Companies Act, 1956, as an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The appellant, a shareholder/director of Sai Balaji Sponge Iron India Pvt. Ltd. (Corporate Debtor), challenged this order. The respondent, Magnifico Minerals Pvt. Ltd. (Operational Creditor), had filed the initial application. The Adjudicating Authority admitted the application, passed an order of moratorium, and appointed an Interim Resolution Professional. The appellant contended that the operational creditor did not comply with the provisions of the
…Sai Balaji Sponge Iron India Pvt. Ltd. (Corporate Debtor) entered into a contract with Magnifico Minerals Pvt. Ltd. (Operational Creditor). The entire amount due under the contract was not paid, and post-dated cheques issued by the Corporate Debtor were dishonored. The Operational Creditor issued a legal notice on December 10, 2015, demanding payment of Rs. 4,25,10,464/-. Subsequently, the Operational Creditor filed a Company Petition under Sections 433 & 434 of the Companies Act, 1956, before the High Court of Andhra Pradesh. After the constitution of the Tribunal, the case was transferred to the Adjudicating Authority, Chennai Bench. The Corporate Debtor became aware on July 6, 2017, that the Adjudicating Authority had passed an ex-parte order on June 22, 2017.
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The 1st Respondent (Operational Creditor)…
Central Government…
The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, which treated an application under Sections 433, 434, and 439 of the Companies Act, 1956, as an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The appellant, a shareholder/director of Sai Balaji Sponge Iron India Pvt. Ltd. (Corporate Debtor), challenged this order. The respondent, Magnifico Minerals Pvt. Ltd. (Operational Creditor), had filed the initial application. The Adjudicating Authority admitted the application, passed an order of moratorium, and appointed an Interim Resolution Professional. The appellant contended that the operational creditor did not comply with the provisions of the
…Sai Balaji Sponge Iron India Pvt. Ltd. (Corporate Debtor) entered into a contract with Magnifico Minerals Pvt. Ltd. (Operational Creditor). The entire amount due under the contract was not paid, and post-dated cheques issued by the Corporate Debtor were dishonored. The Operational Creditor issued a legal notice on December 10, 2015, demanding payment of Rs. 4,25,10,464/-. Subsequently, the Operational Creditor filed a Company Petition under Sections 433 & 434 of the Companies Act, 1956, before the High Court of Andhra Pradesh. After the constitution of the Tribunal, the case was transferred to the Adjudicating Authority, Chennai Bench. The Corporate Debtor became aware on July 6, 2017, that the Adjudicating Authority had passed an ex-parte order on June 22, 2017.
…The 1st Respondent (Operational Creditor)…
Central Government…