# In the matter of Suristh Tiwary vs. JMS Steel & Power Corporation & Ors.

> NCLAT judgment dated 2023-07-27. Citation: TCN-2023-NCLAT-00798. The appeal was filed under Section 61 of the Insolvency & Bankruptcy Code, 2016, against the…

- **Court:** NCLAT
- **Order date:** 27 Jul 2023
- **Citation:** TCN-2023-NCLAT-00798
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-principal-bench/suristh-tiwary-vs-jms-steel-power-corporation-ors-6d859be7

## Summary

### Background

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.

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in …

**Ratio:** The Appellate Tribunal found no error in

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**Reasoning:** The Corporate Debtor admitted to outstanding payments and the Operational Creditor had

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**Interpretation:** The requirements for admitting an

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**Application:** The application was

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…
- **Appellants:** Suristh T…
- **Respondents:** ST Constructions…; JMS Steel & Power…
- **Other parties:** Anshuman K…
- **Advocates:** Adarsh Kumar…; Vineet P…; +9 more

## Timeline

- **21.02.2022 — Impugned…**: Order passed by the Adjudicating Authority allowing the application filed by the…
- **21.03.2022 — Deposit by Ap…**: Mr. Adarsh Tiwari, Advocate for the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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