The appeal was filed under Section 61 of the Insolvency & Bankruptcy Code, 2016, against the order dated 21.02.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench - IV), which allowed the application filed by JMS Steel & Power Corporation, an Operational Creditor, under Section 9 of the Code.
Suristh Tiwary, the Appellant, holds 56.42% equity in the Corporate Debtor and is a Suspended Director.
JMS Steel & Power Corporation, the Respondent No. 1, filed an application under Section 9 of the Code as an Operational Creditor.
The Corporate Debtor was incorporated on 25.06.2004 and had a net worth of Rs. 3380 Lakhs as on 31.03.2021.
The Corporate Debtor approached Respondent No. 1 in 2015 for the supply of TMT Bars.
The Corporate Debtor received a demand notice dated 19.09.2018 for Rs. 1,76,10,766/-.
The Corporate Debtor admitted to not paying Rs. 31,20,149.39 as on 31.03.2019.
The Corporate Debtor paid Rs. 50 Lakhs during the petition hearing before the Adjudicating Authority.
The Appellant deposited Rs. 1,06,31,219/- with the court.
…Sign in to view the parties.
Order passed by the Adjudicating Authority…
Mr. Adarsh Tiwari,…
The appeal was filed under Section 61 of the Insolvency & Bankruptcy Code, 2016, against the order dated 21.02.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench - IV), which allowed the application filed by JMS Steel & Power Corporation, an Operational Creditor, under Section 9 of the Code.
Suristh Tiwary, the Appellant, holds 56.42% equity in the Corporate Debtor and is a Suspended Director.
JMS Steel & Power Corporation, the Respondent No. 1, filed an application under Section 9 of the Code as an Operational Creditor.
The Corporate Debtor was incorporated on 25.06.2004 and had a net worth of Rs. 3380 Lakhs as on 31.03.2021.
The Corporate Debtor approached Respondent No. 1 in 2015 for the supply of TMT Bars.
The Corporate Debtor received a demand notice dated 19.09.2018 for Rs. 1,76,10,766/-.
The Corporate Debtor admitted to not paying Rs. 31,20,149.39 as on 31.03.2019.
The Corporate Debtor paid Rs. 50 Lakhs during the petition hearing before the Adjudicating Authority.
The Appellant deposited Rs. 1,06,31,219/- with the court.
…Order passed by the Adjudicating Authority…
Mr. Adarsh Tiwari,…