M/s. Accorn Interiors filed C.P. (IB) No.74/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. H.M. Infratech Private Limited, alleging failure to pay an outstanding amount of Rs. 12,17,973/-. The respondent agreed to pay an amount of Rs. 8,52,765/- and also filed a memo dated 2018-12-11 stating the same. On scrutiny, the final bill under the tax invoice payable was Rs. 7,17,446/-, and the retention amount was Rs. 1,35,319/-.
M/s. Accorn Interiors, the operational creditor, filed a petition under Section 9 of the IBC, 2016, against M/s. H.M. Infratech Private Limited, the corporate debtor, for non-payment of Rs. 12,17,973/-. The corporate debtor had agreed to pay Rs. 8,52,765/-, as per a memo dated 2018-12-11. The final bill under the tax invoice was Rs. 7,17,446/-, with a retention amount of Rs. 1,35,319/-. The operational creditor sought to initiate CIRP to recover the outstanding amount. The NCLT rejected the petition, stating that the IBC is not intended to be a recovery forum and that an undisputed debt is a prerequisite for initiating proceedings under Section 9 of the IBC.
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M/s. Accorn Interiors filed C.P. (IB) No.74/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. H.M. Infratech Private Limited, alleging failure to pay an outstanding amount of Rs. 12,17,973/-. The respondent agreed to pay an amount of Rs. 8,52,765/- and also filed a memo dated 2018-12-11 stating the same. On scrutiny, the final bill under the tax invoice payable was Rs. 7,17,446/-, and the retention amount was Rs. 1,35,319/-.
M/s. Accorn Interiors, the operational creditor, filed a petition under Section 9 of the IBC, 2016, against M/s. H.M. Infratech Private Limited, the corporate debtor, for non-payment of Rs. 12,17,973/-. The corporate debtor had agreed to pay Rs. 8,52,765/-, as per a memo dated 2018-12-11. The final bill under the tax invoice was Rs. 7,17,446/-, with a retention amount of Rs. 1,35,319/-. The operational creditor sought to initiate CIRP to recover the outstanding amount. The NCLT rejected the petition, stating that the IBC is not intended to be a recovery forum and that an undisputed debt is a prerequisite for initiating proceedings under Section 9 of the IBC.
The Respondent filed a Memo stating that the…
The NCLT rejected the…
Sign in to view related legal provisions.