The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Rapt Industries Pvt. Ltd., the corporate debtor. The Adjudicating Authority initially dismissed the petition on January 22, 2022, citing a pre-existing dispute. This decision was challenged before the NCLAT, New Delhi, which accepted the appeal on July 13, 2022, holding that no pre-existing dispute existed between the parties. The NCLAT set aside the Adjudicating Authority's order and directed the admission of the Section 9 application for CIRP.
K B Polychem India Ltd., an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rapt Industries Pvt. Ltd., the corporate debtor. The Adjudicating Authority initially dismissed the petition, citing a 'pre-existing dispute'. K B Polychem India Ltd. appealed to the NCLAT, which overturned the Adjudicating Authority's decision, holding that no pre-existing dispute existed. The NCLAT directed the Adjudicating Authority to admit the Section 9 application. The operational creditor did not propose an Interim Resolution Professional (IRP), leading the bench to appoint Mr. Rakesh Kumar Jindal as the IRP. The order also declared a moratorium under Section 14 of
…Sign in to view the parties.
The Adjudicating Authority dismissed the…
The NCLAT accepted the appeal, holding that no…
The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Rapt Industries Pvt. Ltd., the corporate debtor. The Adjudicating Authority initially dismissed the petition on January 22, 2022, citing a pre-existing dispute. This decision was challenged before the NCLAT, New Delhi, which accepted the appeal on July 13, 2022, holding that no pre-existing dispute existed between the parties. The NCLAT set aside the Adjudicating Authority's order and directed the admission of the Section 9 application for CIRP.
K B Polychem India Ltd., an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rapt Industries Pvt. Ltd., the corporate debtor. The Adjudicating Authority initially dismissed the petition, citing a 'pre-existing dispute'. K B Polychem India Ltd. appealed to the NCLAT, which overturned the Adjudicating Authority's decision, holding that no pre-existing dispute existed. The NCLAT directed the Adjudicating Authority to admit the Section 9 application. The operational creditor did not propose an Interim Resolution Professional (IRP), leading the bench to appoint Mr. Rakesh Kumar Jindal as the IRP. The order also declared a moratorium under Section 14 of
…The Adjudicating Authority dismissed the…
The NCLAT accepted the appeal, holding that no…