Technico Industries Ltd. filed an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated June 7, 2022, passed by the Adjudicating Authority (NCLT, New Delhi) in Company Application C.A. No. 1682/2019. The NCLT order pertained to an application filed by the Liquidator of J.V. Strips Limited in C.P. (IB) No. 452/ND/2017. The appellant contested that certain transactions with the Corporate Debtor, J.V. Strips Limited, were incorrectly classified as undervalued transactions, and the appellant was directed to pay Rs. 31,00,475.00.
Technico Industries Ltd. (Appellant) supplied raw materials to J.V. Strips Limited (Corporate Debtor) starting September 2017. A running account was maintained for payments. On January 29, 2018, the Appellant made an RTGS payment of Rs. 16,36,223.40 to the Corporate Debtor, leaving a balance of Rs. 31,00,474.60 as of March 31, 2018. The Appellant claimed that issues with the quality of raw materials, processing costs, and rate differences led to discussions and discounts. A meeting on April 3, 2018, allegedly resulted in an agreement to credit Rs. 30,92,710.00 to the Appellant's account, leaving only Rs. 7,764.60 to be paid. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on April 13, 2018. The Liquidator argued that the
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Technico Industries…
Technico Industries Ltd.…
Technico Industries Ltd. filed an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated June 7, 2022, passed by the Adjudicating Authority (NCLT, New Delhi) in Company Application C.A. No. 1682/2019. The NCLT order pertained to an application filed by the Liquidator of J.V. Strips Limited in C.P. (IB) No. 452/ND/2017. The appellant contested that certain transactions with the Corporate Debtor, J.V. Strips Limited, were incorrectly classified as undervalued transactions, and the appellant was directed to pay Rs. 31,00,475.00.
Technico Industries Ltd. (Appellant) supplied raw materials to J.V. Strips Limited (Corporate Debtor) starting September 2017. A running account was maintained for payments. On January 29, 2018, the Appellant made an RTGS payment of Rs. 16,36,223.40 to the Corporate Debtor, leaving a balance of Rs. 31,00,474.60 as of March 31, 2018. The Appellant claimed that issues with the quality of raw materials, processing costs, and rate differences led to discussions and discounts. A meeting on April 3, 2018, allegedly resulted in an agreement to credit Rs. 30,92,710.00 to the Appellant's account, leaving only Rs. 7,764.60 to be paid. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on April 13, 2018. The Liquidator argued that the
…Technico Industries…
Technico Industries Ltd.…