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., the Corporate Debtor, seeking directions against the Respondents (M/s Onyx Components and Systems Pvt. Ltd. and others) to refund Rs. 12,30,457/- with interest, alleging that this amount was illegally retained by them, contravening Section 14, 31, and 74 of IBC. The Corporate Debtor initiated Corporate Insolvency Resolution Process (CIRP) on 26.10.2017, and a moratorium was imposed. The Resolution Plan was approved on 02.04.2019. The Corporate Debtor contends that payments were made to the Respondents during the moratorium period for the supply of goods/components, which the Respondents failed to supply, and instead,
…The Corporate Debtor, M/s Applied Electro Magnatics Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated on 26.10.2017. A moratorium was imposed on the assets of the Corporate Debtor. The Resolution Plan was approved on 02.04.2019. During the moratorium period, the Interim Resolution Professional (IRP) made payments to the Respondents (M/s 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 neither supplied the goods/components nor refunded the amount. The Respondents, instead of refunding the amount, issued a legal notice for recovery of Rs. 34,07,390/-. The Respondents claimed they had been supplying goods to the
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Corporate Insolvency…
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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., the Corporate Debtor, seeking directions against the Respondents (M/s Onyx Components and Systems Pvt. Ltd. and others) to refund Rs. 12,30,457/- with interest, alleging that this amount was illegally retained by them, contravening Section 14, 31, and 74 of IBC. The Corporate Debtor initiated Corporate Insolvency Resolution Process (CIRP) on 26.10.2017, and a moratorium was imposed. The Resolution Plan was approved on 02.04.2019. The Corporate Debtor contends that payments were made to the Respondents during the moratorium period for the supply of goods/components, which the Respondents failed to supply, and instead,
…The Corporate Debtor, M/s Applied Electro Magnatics Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated on 26.10.2017. A moratorium was imposed on the assets of the Corporate Debtor. The Resolution Plan was approved on 02.04.2019. During the moratorium period, the Interim Resolution Professional (IRP) made payments to the Respondents (M/s 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 neither supplied the goods/components nor refunded the amount. The Respondents, instead of refunding the amount, issued a legal notice for recovery of Rs. 34,07,390/-. The Respondents claimed they had been supplying goods to the
…Corporate Insolvency…
The Resolution Plan for…