The case involves an application for the initiation of a corporate insolvency resolution process filed by Gandhar Oil Refinery (India) Limited, the Operational Creditor, against Sapphire Equities Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor alleged a default in payment of Rs. 3,07,21,702/- along with interest. The NCLT initially rejected the application, but NCLAT set aside the order and remitted the matter back to NCLT for admission of the application.
Gandhar Oil Refinery (India) Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sapphire Equities Private Limited, the Corporate Debtor, alleging a default in payment of Rs. 3,07,21,702/- along with interest at 18% p.a. The NCLT initially rejected the application, stating that the Operational Creditor failed to prove the delivery of the demand notice and that a pre-existing dispute existed regarding the quality of goods and the amount payable. The Operational Creditor appealed to the NCLAT, which set aside the NCLT's order and remitted the matter back to the NCLT. The NCLAT observed that the demand notice was duly served and that there was no dispute with regard to Rs. 1 crore. It was also noted
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NCLT rejected the…
NCLAT set aside the…
The case involves an application for the initiation of a corporate insolvency resolution process filed by Gandhar Oil Refinery (India) Limited, the Operational Creditor, against Sapphire Equities Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor alleged a default in payment of Rs. 3,07,21,702/- along with interest. The NCLT initially rejected the application, but NCLAT set aside the order and remitted the matter back to NCLT for admission of the application.
Gandhar Oil Refinery (India) Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sapphire Equities Private Limited, the Corporate Debtor, alleging a default in payment of Rs. 3,07,21,702/- along with interest at 18% p.a. The NCLT initially rejected the application, stating that the Operational Creditor failed to prove the delivery of the demand notice and that a pre-existing dispute existed regarding the quality of goods and the amount payable. The Operational Creditor appealed to the NCLAT, which set aside the NCLT's order and remitted the matter back to the NCLT. The NCLAT observed that the demand notice was duly served and that there was no dispute with regard to Rs. 1 crore. It was also noted
…NCLT rejected the…
NCLAT set aside the…