N.R.G. Tex filed an application (IA(IBC)/1108(CHE)/2021) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the rejection of its claim by the Resolution Professional (RP) of The National Sewing Thread Company Limited. N.R.G. Tex claimed to be a Del Credere Agent, facilitating the supply of cotton yarn to the Corporate Debtor from various mills. They sought to recover Rs. 30,15,612/- with 12% interest from 01.04.2019. The RP rejected the claim, leading to this application before the NCLT.
N.R.G. Tex, represented by Mr. T. Saravana, claimed to be a Del Credere Agent for various mills, including Rajapalayam Mill Limited, Sri Vishnu Shankar Mill Limited, Sandhya Spinning Mill Limited, and Sundarasanam Spinning Mills. N.R.G. Tex facilitated the supply of cotton yarn to The National Sewing Thread Company Limited (Corporate Debtor). N.R.G. Tex claimed to have financed the Corporate Debtor by making payments to the suppliers on their behalf, totaling Rs. 26,92,510/-. The Corporate Debtor allegedly issued two cheques for Rs. 26,92,510/- and Rs. 2,90,792/- dated 26.09.2019, which were dishonored due to 'account blocked' and 'payment stopped by the drawer'. The Corporate Debtor also paid an interest amount of Rs. 2,79,291/- on 05.04.2018 to the Applicant. The
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Corporate Insolvency…
Corporate Debtor issued two cheques for Rs.…
N.R.G. Tex filed an application (IA(IBC)/1108(CHE)/2021) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the rejection of its claim by the Resolution Professional (RP) of The National Sewing Thread Company Limited. N.R.G. Tex claimed to be a Del Credere Agent, facilitating the supply of cotton yarn to the Corporate Debtor from various mills. They sought to recover Rs. 30,15,612/- with 12% interest from 01.04.2019. The RP rejected the claim, leading to this application before the NCLT.
N.R.G. Tex, represented by Mr. T. Saravana, claimed to be a Del Credere Agent for various mills, including Rajapalayam Mill Limited, Sri Vishnu Shankar Mill Limited, Sandhya Spinning Mill Limited, and Sundarasanam Spinning Mills. N.R.G. Tex facilitated the supply of cotton yarn to The National Sewing Thread Company Limited (Corporate Debtor). N.R.G. Tex claimed to have financed the Corporate Debtor by making payments to the suppliers on their behalf, totaling Rs. 26,92,510/-. The Corporate Debtor allegedly issued two cheques for Rs. 26,92,510/- and Rs. 2,90,792/- dated 26.09.2019, which were dishonored due to 'account blocked' and 'payment stopped by the drawer'. The Corporate Debtor also paid an interest amount of Rs. 2,79,291/- on 05.04.2018 to the Applicant. The
…Corporate Insolvency…
Corporate Debtor issued two cheques for Rs.…