The case involves an application filed by Overdrive Electronics Pvt. Ltd. (Operational Creditor) against CEMA Electric Lighting Products India Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was initially admitted, leading to CIRP initiation and appointment of an Interim Resolution Professional (IRP). However, the NCLAT quashed the CIRP order and remanded the matter back to the Tribunal for fresh consideration. The Supreme Court directed the Tribunal to deal with the case expeditiously without being influenced by prior orders. The Corporate Debtor claimed defective products and sought reconciliation of accounts, while the Operational
…Overdrive Electronics Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against CEMA Electric Lighting Products India Pvt. Ltd. (Corporate Debtor) for an unpaid operational debt. The principal amount claimed was Rs. 1,80,02,528, with interest up to 07.09.2023 at 18% per annum, totaling Rs. 2,20,03,735. The date of default was stated as 18.04.2022. The Operational Creditor supplied LED lighting products to the Corporate Debtor. The Corporate Debtor claimed defective products under warranty and sought reconciliation of accounts. The Operational Creditor argued that the Corporate Debtor never raised a dispute before the demand notice and availed GST input on the invoices. The NCLAT initially quashed
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The case involves an application filed by Overdrive Electronics Pvt. Ltd. (Operational Creditor) against CEMA Electric Lighting Products India Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was initially admitted, leading to CIRP initiation and appointment of an Interim Resolution Professional (IRP). However, the NCLAT quashed the CIRP order and remanded the matter back to the Tribunal for fresh consideration. The Supreme Court directed the Tribunal to deal with the case expeditiously without being influenced by prior orders. The Corporate Debtor claimed defective products and sought reconciliation of accounts, while the Operational
…Overdrive Electronics Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against CEMA Electric Lighting Products India Pvt. Ltd. (Corporate Debtor) for an unpaid operational debt. The principal amount claimed was Rs. 1,80,02,528, with interest up to 07.09.2023 at 18% per annum, totaling Rs. 2,20,03,735. The date of default was stated as 18.04.2022. The Operational Creditor supplied LED lighting products to the Corporate Debtor. The Corporate Debtor claimed defective products under warranty and sought reconciliation of accounts. The Operational Creditor argued that the Corporate Debtor never raised a dispute before the demand notice and availed GST input on the invoices. The NCLAT initially quashed
…Business commenced…
Corporate Debtor's application under the…