This is an appeal preferred by the Appellant, Director of M/s Jay Sai Ram Steel Pvt. Ltd., challenging the order dated 16th May, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) preferred by the Respondent, Ashok Kumar Sharma, Proprietor, Alloysmin Industries (Operational Creditor). The matter was taken up on 23rd of May, 2019, when the Appellant's counsel submitted that the Appellant is ready with the draft of the original amount of Rs.4,97,699/- for payment to the Operational Creditor.
The Appellant, M/s Jay Sai Ram Steel Pvt. Ltd., filed an appeal against the order of the Adjudicating Authority (NCLT) which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by the Respondent, Ashok Kumar Sharma, Proprietor, Alloysmin Industries (Operational Creditor). The Respondent claimed an amount of Rs.4,97,699/-. During the proceedings, the Appellant agreed to pay the outstanding amount to the Operational Creditor. The Interim Resolution Professional (IRP) had been appointed, but no Committee of Creditors (CoC) was formed. The IRP had incurred costs of Rs.25,000/-. The Appellant agreed to settle the matter, and the court allowed the settlement. The key fact is the settlement between the parties, leading to the setting
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The Adjudicating Authority (National Company…
The matter was taken up, and the Appellant's…
This is an appeal preferred by the Appellant, Director of M/s Jay Sai Ram Steel Pvt. Ltd., challenging the order dated 16th May, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) preferred by the Respondent, Ashok Kumar Sharma, Proprietor, Alloysmin Industries (Operational Creditor). The matter was taken up on 23rd of May, 2019, when the Appellant's counsel submitted that the Appellant is ready with the draft of the original amount of Rs.4,97,699/- for payment to the Operational Creditor.
The Appellant, M/s Jay Sai Ram Steel Pvt. Ltd., filed an appeal against the order of the Adjudicating Authority (NCLT) which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by the Respondent, Ashok Kumar Sharma, Proprietor, Alloysmin Industries (Operational Creditor). The Respondent claimed an amount of Rs.4,97,699/-. During the proceedings, the Appellant agreed to pay the outstanding amount to the Operational Creditor. The Interim Resolution Professional (IRP) had been appointed, but no Committee of Creditors (CoC) was formed. The IRP had incurred costs of Rs.25,000/-. The Appellant agreed to settle the matter, and the court allowed the settlement. The key fact is the settlement between the parties, leading to the setting
…The Adjudicating Authority (National Company…
The matter was taken up, and the Appellant's…