The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Shah Brothers Ispat Private Ltd. (operational creditor) against Diamond Engineering (Chennai) Private Ltd. (corporate debtor). The operational creditor claimed a total demand of Rs. 24,80,33,430/-. The corporate debtor raised objections, including the lack of proper authorization for filing the application and issuing the demand notice. The corporate debtor also claimed to have certain issues and counterclaims.
Shah Brothers Ispat Private Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Diamond Engineering (Chennai) Private Ltd., claiming a debt of Rs. 24,80,33,430/-. Diamond Engineering raised objections, arguing that the application was not filed by a duly authorized person and that the demand notice was not authorized by a Board resolution. They also claimed certain issues and counterclaims. Shah Brothers produced a Board resolution dated 15.03.2017, confirming the authority to sign the application. The court noted that the corporate debtor had sent a communication dated 2nd December 2016. The operational creditor claimed an outstanding payable of Rs. 17,20,78,503/- based on their books of accounts, with Rs. 8,09,71,547/-
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The Corporate…
Board resolution dated…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Shah Brothers Ispat Private Ltd. (operational creditor) against Diamond Engineering (Chennai) Private Ltd. (corporate debtor). The operational creditor claimed a total demand of Rs. 24,80,33,430/-. The corporate debtor raised objections, including the lack of proper authorization for filing the application and issuing the demand notice. The corporate debtor also claimed to have certain issues and counterclaims.
Shah Brothers Ispat Private Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Diamond Engineering (Chennai) Private Ltd., claiming a debt of Rs. 24,80,33,430/-. Diamond Engineering raised objections, arguing that the application was not filed by a duly authorized person and that the demand notice was not authorized by a Board resolution. They also claimed certain issues and counterclaims. Shah Brothers produced a Board resolution dated 15.03.2017, confirming the authority to sign the application. The court noted that the corporate debtor had sent a communication dated 2nd December 2016. The operational creditor claimed an outstanding payable of Rs. 17,20,78,503/- based on their books of accounts, with Rs. 8,09,71,547/-
…The Corporate…
Board resolution dated…