The petition was initially filed in the Hon'ble High Court of Delhi under Sections 433(e), 434(1)(a), and 439 of the Companies Act, 1956. Following the enforcement of the Insolvency and Bankruptcy Code, 2016, and a notification dated 30.11.2016, the National Company Law Tribunal (NCLT) was designated as the Adjudicating Authority. A further notification on 07.12.2016 transferred all pending petitions before the High Court to the NCLT. The 'Operational Creditor' was required to comply with the Companies (Transfer of Pending Proceedings) Rules, 2016. The petition was listed after transfer vide order dated 13.01.2017 passed by the High Court. The matter was listed for hearing on 16.03.2017, and time was granted to furnish necessary information. On 26.04.2017, it was
…Sunflag Iron and Steel Company Ltd. (the 'Operational Creditor') filed a petition against Mass Metals Pvt. Ltd. (the 'Corporate Debtor') for unpaid operational debt. The Operational Creditor supplied alloy steels to the Corporate Debtor between 25.04.2015 and 22.07.2015, for which tax invoices amounting to Rs. 1,90,78,204/- were raised. The Corporate Debtor accepted the supplies without raising any objections. Between 21.08.2015 and 29.12.2015, the Operational Creditor sent emails to the Corporate Debtor for the release of outstanding payments. A joint meeting was held on 07.11.2015, where the statement of accounts as on 31.10.2015 was reconciled and signed by both parties. A part payment of Rs. 16,03,517/- was made on 05.01.2016, but Rs. 1,74,74,687/- remained unpaid.
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The applicant company…
The respondent company…
The petition was initially filed in the Hon'ble High Court of Delhi under Sections 433(e), 434(1)(a), and 439 of the Companies Act, 1956. Following the enforcement of the Insolvency and Bankruptcy Code, 2016, and a notification dated 30.11.2016, the National Company Law Tribunal (NCLT) was designated as the Adjudicating Authority. A further notification on 07.12.2016 transferred all pending petitions before the High Court to the NCLT. The 'Operational Creditor' was required to comply with the Companies (Transfer of Pending Proceedings) Rules, 2016. The petition was listed after transfer vide order dated 13.01.2017 passed by the High Court. The matter was listed for hearing on 16.03.2017, and time was granted to furnish necessary information. On 26.04.2017, it was
…Sunflag Iron and Steel Company Ltd. (the 'Operational Creditor') filed a petition against Mass Metals Pvt. Ltd. (the 'Corporate Debtor') for unpaid operational debt. The Operational Creditor supplied alloy steels to the Corporate Debtor between 25.04.2015 and 22.07.2015, for which tax invoices amounting to Rs. 1,90,78,204/- were raised. The Corporate Debtor accepted the supplies without raising any objections. Between 21.08.2015 and 29.12.2015, the Operational Creditor sent emails to the Corporate Debtor for the release of outstanding payments. A joint meeting was held on 07.11.2015, where the statement of accounts as on 31.10.2015 was reconciled and signed by both parties. A part payment of Rs. 16,03,517/- was made on 05.01.2016, but Rs. 1,74,74,687/- remained unpaid.
…The applicant company…
The respondent company…