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, 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 based on a pending appeal against a decree obtained by the operational creditor in a money suit. The corporate debtor also argued that the petition was barred by limitation and that the operational creditor did not fall within the definition of 'operational creditor' under the Code.
A.P.C System and Products Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Macmet India Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of ₹3,14,72,753/- along with interest, based on a decree dated July 31, 2018, passed in Money Suit No. 11244 of 2012 by the Learned 4th Civil Judge (Senior Division) at Alipore. The Corporate Debtor was directed to make payment within 6 months from the date of the decree. The time period for payment expired on January 31, 2019, without any payment from the Corporate Debtor. The Corporate Debtor preferred an appeal (F.A.T. 584 of 2018) against the decree, which was pending before
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Money Suit No. 11244 of 2012 filed by the…
Decree passed in Money Suit No. 11244 of 2012,…
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, 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 based on a pending appeal against a decree obtained by the operational creditor in a money suit. The corporate debtor also argued that the petition was barred by limitation and that the operational creditor did not fall within the definition of 'operational creditor' under the Code.
A.P.C System and Products Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Macmet India Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of ₹3,14,72,753/- along with interest, based on a decree dated July 31, 2018, passed in Money Suit No. 11244 of 2012 by the Learned 4th Civil Judge (Senior Division) at Alipore. The Corporate Debtor was directed to make payment within 6 months from the date of the decree. The time period for payment expired on January 31, 2019, without any payment from the Corporate Debtor. The Corporate Debtor preferred an appeal (F.A.T. 584 of 2018) against the decree, which was pending before
…Money Suit No. 11244 of 2012 filed by the…
Decree passed in Money Suit No. 11244 of 2012,…