A.P.C System and Products Private Limited, claiming to be a Financial Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Macmet India Limited, the Corporate Debtor. The Operational Creditor claimed a default of ₹3,14,72,753/- along with interest. The Corporate Debtor contested the petition, arguing the existence of a pre-existing dispute due to a pending appeal against a decree obtained by the Operational Creditor in a money suit.
A.P.C System and Products Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Macmet India Limited, seeking to initiate CIRP. The claim was based on a decree dated July 31, 2018, obtained by the Operational Creditor in a money suit, for ₹3,14,72,753/- plus interest. The Corporate Debtor had preferred an appeal against the decree, which was pending before the High Court at Calcutta. The Corporate Debtor argued that this pending appeal constituted a pre-existing dispute. A demand notice was served on August 24, 2019, and replied to on September 6, 2019. The Corporate Debtor also contended that the petition was barred by limitation and that the Operational Creditor did not qualify as such under the Code, as the debt was
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Money suit No. 11244 of 2012 filed by the…
Decree passed in favor…
A.P.C System and Products Private Limited, claiming to be a Financial Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Macmet India Limited, the Corporate Debtor. The Operational Creditor claimed a default of ₹3,14,72,753/- along with interest. The Corporate Debtor contested the petition, arguing the existence of a pre-existing dispute due to a pending appeal against a decree obtained by the Operational Creditor in a money suit.
A.P.C System and Products Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Macmet India Limited, seeking to initiate CIRP. The claim was based on a decree dated July 31, 2018, obtained by the Operational Creditor in a money suit, for ₹3,14,72,753/- plus interest. The Corporate Debtor had preferred an appeal against the decree, which was pending before the High Court at Calcutta. The Corporate Debtor argued that this pending appeal constituted a pre-existing dispute. A demand notice was served on August 24, 2019, and replied to on September 6, 2019. The Corporate Debtor also contended that the petition was barred by limitation and that the Operational Creditor did not qualify as such under the Code, as the debt was
…Money suit No. 11244 of 2012 filed by the…
Decree passed in favor…