The case involves an application (IA No. 764/2020) filed by Rana Polycot Limited (Applicant/Corporate Debtor) against Superfine Packaging (Respondent/Operational Creditor) under Rule 11 of National Company Law Tribunal Rules, 2016, seeking review/recall of an order dated 06.11.2020. The initial Corporate Insolvency Resolution Process (CIRP) application was filed due to an alleged debt of Rs. 37,05,851/-. During the proceedings, the parties reached a compromise, and an application for withdrawal was filed. The Adjudicating Authority initially dismissed the CP (IB) No. 382/Chd/Chd/2018 as withdrawn on 22.01.2020. Subsequently, the petitioner filed an application for restoration, which was heard on 06.11.2020. The corporate debtor claimed force majeure prevented
…Rana Polycot Limited (Corporate Debtor) faced a CIRP application from Superfine Packaging (Operational Creditor) for a debt of Rs. 37,05,851/-. During the proceedings, both parties agreed to a settlement, and an application for withdrawal was filed. The Adjudicating Authority dismissed the initial application. Subsequently, Rana Polycot Limited filed an application for restoration. Rana Polycot Limited issued a demand draft and several cheques in lieu of the settlement agreement. However, some of these cheques were dishonored due to attachment orders from the Income Tax Department. Despite the dishonored cheques, Rana Polycot Limited transferred amounts through pay orders and NEFT, totaling Rs. 24,55,851/-. Superfine Packaging acknowledged receiving Rs. 37,05,851/- but
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The case involves an application (IA No. 764/2020) filed by Rana Polycot Limited (Applicant/Corporate Debtor) against Superfine Packaging (Respondent/Operational Creditor) under Rule 11 of National Company Law Tribunal Rules, 2016, seeking review/recall of an order dated 06.11.2020. The initial Corporate Insolvency Resolution Process (CIRP) application was filed due to an alleged debt of Rs. 37,05,851/-. During the proceedings, the parties reached a compromise, and an application for withdrawal was filed. The Adjudicating Authority initially dismissed the CP (IB) No. 382/Chd/Chd/2018 as withdrawn on 22.01.2020. Subsequently, the petitioner filed an application for restoration, which was heard on 06.11.2020. The corporate debtor claimed force majeure prevented
…Rana Polycot Limited (Corporate Debtor) faced a CIRP application from Superfine Packaging (Operational Creditor) for a debt of Rs. 37,05,851/-. During the proceedings, both parties agreed to a settlement, and an application for withdrawal was filed. The Adjudicating Authority dismissed the initial application. Subsequently, Rana Polycot Limited filed an application for restoration. Rana Polycot Limited issued a demand draft and several cheques in lieu of the settlement agreement. However, some of these cheques were dishonored due to attachment orders from the Income Tax Department. Despite the dishonored cheques, Rana Polycot Limited transferred amounts through pay orders and NEFT, totaling Rs. 24,55,851/-. Superfine Packaging acknowledged receiving Rs. 37,05,851/- but
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