The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Jayaraj Neon Engineering & Construction Pvt. Ltd. against Neo Structo Construction Pvt. Ltd. The applicant sought the restoration of CP(IB) No. 68 of 2022, which was previously dismissed. The application for restoration was filed under Regulation 44 of the National Company Law Tribunal Rules, 2016. The initial dismissal occurred because the applicant appeared uninterested in pursuing the matter, with no categorical submission made regarding settlement and no argument presented. The corporate debtor did not press the matter for hearing.
Jayaraj Neon Engineering & Construction Pvt. Ltd. (the Applicant/Operational Creditor) filed CP(IB) No. 68 of 2022 under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Neo Structo Construction Pvt. Ltd. (the Corporate Debtor). The application was initially dismissed on 09.01.2023 due to the applicant's lack of diligence, including failure to file Vakalatnama, repeated requests for adjournments, and absence of clear submissions regarding settlement. An arbitral award was pending before the High Court, indicating a pre-existing dispute between the parties. The applicant then filed an application for restoration of the dismissed CP(IB) No. 68 of 2022. The Corporate Debtor objected to the restoration, citing unreasonable and implausible reasons,
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Jayaraj Neon Engineering & Construction Pvt.…
Neo Structo Construction Pvt. Ltd. filed a…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Jayaraj Neon Engineering & Construction Pvt. Ltd. against Neo Structo Construction Pvt. Ltd. The applicant sought the restoration of CP(IB) No. 68 of 2022, which was previously dismissed. The application for restoration was filed under Regulation 44 of the National Company Law Tribunal Rules, 2016. The initial dismissal occurred because the applicant appeared uninterested in pursuing the matter, with no categorical submission made regarding settlement and no argument presented. The corporate debtor did not press the matter for hearing.
Jayaraj Neon Engineering & Construction Pvt. Ltd. (the Applicant/Operational Creditor) filed CP(IB) No. 68 of 2022 under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Neo Structo Construction Pvt. Ltd. (the Corporate Debtor). The application was initially dismissed on 09.01.2023 due to the applicant's lack of diligence, including failure to file Vakalatnama, repeated requests for adjournments, and absence of clear submissions regarding settlement. An arbitral award was pending before the High Court, indicating a pre-existing dispute between the parties. The applicant then filed an application for restoration of the dismissed CP(IB) No. 68 of 2022. The Corporate Debtor objected to the restoration, citing unreasonable and implausible reasons,
…Jayaraj Neon Engineering & Construction Pvt.…
Neo Structo Construction Pvt. Ltd. filed a…