This is an appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 7th June, 2022, passed by the Adjudicating Authority (NCLT, New Delhi). The NCLT order pertained to Company Application C.A. No. 1682/2019 filed by the Liquidator of J.V. Strips Limited in C.P. (IB) No. 452/ND/2017. The appellant, Technico Industries Ltd., contested the NCLT's finding that certain transactions with the Corporate Debtor, J.V. Strips Limited, were undervalued and the direction to pay Rs. 31,00,475.00.
Technico Industries Ltd. (Appellant) supplied raw materials to J.V. Strips Limited (Corporate Debtor) starting from September 2017. Payments were made in a running account. On 29.01.2018, the Appellant made an RTGS payment of Rs. 16,36,223.40 to the Corporate Debtor. As of 31.03.2018, Rs. 31,00,474.60 remained to be paid. The Appellant claimed that a meeting on 03.04.2018 resulted in discounts due to poor quality, processing costs, and rate differences, reducing the outstanding amount to Rs. 7,764.60. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 13.04.2018, and a liquidation order was passed on 18.02.2019. The Liquidator argued that the discounts were given just before CIRP to unduly benefit the Appellant. The NCLT held
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Technico Industries…
Technico Industries Ltd.…
This is an appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 7th June, 2022, passed by the Adjudicating Authority (NCLT, New Delhi). The NCLT order pertained to Company Application C.A. No. 1682/2019 filed by the Liquidator of J.V. Strips Limited in C.P. (IB) No. 452/ND/2017. The appellant, Technico Industries Ltd., contested the NCLT's finding that certain transactions with the Corporate Debtor, J.V. Strips Limited, were undervalued and the direction to pay Rs. 31,00,475.00.
Technico Industries Ltd. (Appellant) supplied raw materials to J.V. Strips Limited (Corporate Debtor) starting from September 2017. Payments were made in a running account. On 29.01.2018, the Appellant made an RTGS payment of Rs. 16,36,223.40 to the Corporate Debtor. As of 31.03.2018, Rs. 31,00,474.60 remained to be paid. The Appellant claimed that a meeting on 03.04.2018 resulted in discounts due to poor quality, processing costs, and rate differences, reducing the outstanding amount to Rs. 7,764.60. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 13.04.2018, and a liquidation order was passed on 18.02.2019. The Liquidator argued that the discounts were given just before CIRP to unduly benefit the Appellant. The NCLT held
…Technico Industries…
Technico Industries Ltd.…