The case involves an application filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 (IBC) by M/s Applied Electro Magnatics Pvt. Ltd. (Corporate Debtor) and the Resolution Applicant, seeking directions against the Respondents (Onyx Components and Systems Pvt. Ltd. and others) to refund Rs. 12,30,457/- to the Corporate Debtor with 18% interest, alleging that the Respondents illegally retained this amount, which was given during the moratorium period for the supply of goods/components. The Corporate Debtor initiated Corporate Insolvency Resolution Process (CIRP) on 26.10.2017, and the Resolution Plan was approved on 02.04.2019. The Respondents, instead of refunding the amount, issued a legal notice for recovery of Rs. 34,07,390/-. The applicants
…The Corporate Debtor, M/s Applied Electro Magnatics Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated on 26.10.2017. A Resolution Plan was approved on 02.04.2019. During the moratorium period, the Interim Resolution Professional (IRP) made payments to the Respondents (Onyx Components and Systems Pvt. Ltd. and others) for the supply of goods/components. The Corporate Debtor sought a refund of Rs. 12,30,457/- from the Respondents, alleging that they illegally retained this amount. The Respondents, instead of refunding, claimed that Rs. 34,07,390/- was due to them from the Corporate Debtor and issued a legal notice for recovery. The Respondents had been supplying goods to the Corporate Debtor since 2012, maintaining a running account. The CIRP
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The case involves an application filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 (IBC) by M/s Applied Electro Magnatics Pvt. Ltd. (Corporate Debtor) and the Resolution Applicant, seeking directions against the Respondents (Onyx Components and Systems Pvt. Ltd. and others) to refund Rs. 12,30,457/- to the Corporate Debtor with 18% interest, alleging that the Respondents illegally retained this amount, which was given during the moratorium period for the supply of goods/components. The Corporate Debtor initiated Corporate Insolvency Resolution Process (CIRP) on 26.10.2017, and the Resolution Plan was approved on 02.04.2019. The Respondents, instead of refunding the amount, issued a legal notice for recovery of Rs. 34,07,390/-. The applicants
…The Corporate Debtor, M/s Applied Electro Magnatics Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated on 26.10.2017. A Resolution Plan was approved on 02.04.2019. During the moratorium period, the Interim Resolution Professional (IRP) made payments to the Respondents (Onyx Components and Systems Pvt. Ltd. and others) for the supply of goods/components. The Corporate Debtor sought a refund of Rs. 12,30,457/- from the Respondents, alleging that they illegally retained this amount. The Respondents, instead of refunding, claimed that Rs. 34,07,390/- was due to them from the Corporate Debtor and issued a legal notice for recovery. The Respondents had been supplying goods to the Corporate Debtor since 2012, maintaining a running account. The CIRP
…Corporate Insolvency…
Resolution Plan…