The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by K.B.Polychem (India) Ltd. (Operational Creditor) against Kaygee Shotech Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application was initially dismissed by the NCLT Kolkata Bench. The Operational Creditor then appealed to the NCLAT, which allowed the appeal and set aside the NCLT's order. The NCLAT directed the NCLT to pass an order of admission.
K.B.Polychem (India) Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Kaygee Shotech Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The NCLT initially dismissed the application. K.B.Polychem (India) Ltd. appealed to the NCLAT. The NCLAT allowed the appeal, setting aside the NCLT's order. The NCLAT observed that Kaygee Shotech Private Limited had not specifically denied the service of demand notice and had failed to demonstrate the existence of a dispute prior to the issuance of the demand notice. The NCLAT also determined that the application was filed within the statutory period of limitation. The application for initiation of Corporate Resolution Process was filed on 15th September,
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Application for…
Tribunal passed an…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by K.B.Polychem (India) Ltd. (Operational Creditor) against Kaygee Shotech Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application was initially dismissed by the NCLT Kolkata Bench. The Operational Creditor then appealed to the NCLAT, which allowed the appeal and set aside the NCLT's order. The NCLAT directed the NCLT to pass an order of admission.
K.B.Polychem (India) Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Kaygee Shotech Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The NCLT initially dismissed the application. K.B.Polychem (India) Ltd. appealed to the NCLAT. The NCLAT allowed the appeal, setting aside the NCLT's order. The NCLAT observed that Kaygee Shotech Private Limited had not specifically denied the service of demand notice and had failed to demonstrate the existence of a dispute prior to the issuance of the demand notice. The NCLAT also determined that the application was filed within the statutory period of limitation. The application for initiation of Corporate Resolution Process was filed on 15th September,
…Application for…
Tribunal passed an…