EON ELECTRIC LIMITED, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Liteon Electricals LLP, the Corporate Debtor (CD), for an alleged default in clearing a debt of INR 2,44,34,631/-. This amount was due towards the supply of electronic materials to the CD as of 06.08.2021. The OC is already undergoing Corporate Insolvency Resolution Process (CIRP) by virtue of an order dated 13.10.2020 passed by the National Company Law Tribunal, Chandigarh Bench. The CD contended that it had already paid INR 1,92,27,267/- to the creditors of the OC under authorizations from the OC and that certain invoices were barred by Section 10-A of the IBC, 2016. The OC disputed the authenticity of the authorization
…EON ELECTRIC LIMITED (Operational Creditor) filed an application against LITEON ELECTRICALS LLP (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP for a debt of INR 2,44,34,631/-. The debt was allegedly due for the supply of electronic materials as of 06.08.2021. The Operational Creditor was already undergoing CIRP. The Corporate Debtor contended that it had paid INR 1,92,27,267/- to the creditors of the Operational Creditor under authorization letters issued by the Operational Creditor. The Corporate Debtor also argued that certain invoices amounting to INR 1,83,90,370/- were barred by Section 10-A of the IBC, 2016, which prohibits the initiation of CIRP for defaults arising during a specified period. The
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Order passed by National Company Law Tribunal,…
Date on which the debt of INR 2,44,34,631/-…
EON ELECTRIC LIMITED, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Liteon Electricals LLP, the Corporate Debtor (CD), for an alleged default in clearing a debt of INR 2,44,34,631/-. This amount was due towards the supply of electronic materials to the CD as of 06.08.2021. The OC is already undergoing Corporate Insolvency Resolution Process (CIRP) by virtue of an order dated 13.10.2020 passed by the National Company Law Tribunal, Chandigarh Bench. The CD contended that it had already paid INR 1,92,27,267/- to the creditors of the OC under authorizations from the OC and that certain invoices were barred by Section 10-A of the IBC, 2016. The OC disputed the authenticity of the authorization
…EON ELECTRIC LIMITED (Operational Creditor) filed an application against LITEON ELECTRICALS LLP (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP for a debt of INR 2,44,34,631/-. The debt was allegedly due for the supply of electronic materials as of 06.08.2021. The Operational Creditor was already undergoing CIRP. The Corporate Debtor contended that it had paid INR 1,92,27,267/- to the creditors of the Operational Creditor under authorization letters issued by the Operational Creditor. The Corporate Debtor also argued that certain invoices amounting to INR 1,83,90,370/- were barred by Section 10-A of the IBC, 2016, which prohibits the initiation of CIRP for defaults arising during a specified period. The
…Order passed by National Company Law Tribunal,…
Date on which the debt of INR 2,44,34,631/-…