KNK Ship Management, an Operational Creditor, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Thirani Industries Ltd., a Corporate Debtor, for an unpaid operational debt of Rs. 2,25,87,068/-. The initial application was rejected by the National Company Law Tribunal (NCLT) on 24.09.2024, citing an invalid demand notice and a pre-existing dispute regarding deficiency of service.
KNK Ship Management (Operational Creditor) filed C.P. (IB) 540/ND/2022 under Section 9 of the IBC to initiate CIRP against Thirani Industries Ltd. (Corporate Debtor) for an operational debt of Rs. 2,25,87,068/-.
The Adjudicating Authority (NCLT) rejected this application on 24.09.2024, citing an invalid Demand Notice and a pre-existing dispute regarding deficiency of service.
Aggrieved by this rejection, KNK Ship Management filed Company Appeal (AT) Insolvency No. 2149 of 2024 before the Hon'ble NCLAT.
The Hon'ble NCLAT, through its order dated 11.09.2025, allowed the appeal and set aside the NCLT's order dated 24.09.2024.
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The Adjudicating Authority (NCLT) rejected the…
The Hon'ble NCLAT passed an order in Company…
KNK Ship Management, an Operational Creditor, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Thirani Industries Ltd., a Corporate Debtor, for an unpaid operational debt of Rs. 2,25,87,068/-. The initial application was rejected by the National Company Law Tribunal (NCLT) on 24.09.2024, citing an invalid demand notice and a pre-existing dispute regarding deficiency of service.
KNK Ship Management (Operational Creditor) filed C.P. (IB) 540/ND/2022 under Section 9 of the IBC to initiate CIRP against Thirani Industries Ltd. (Corporate Debtor) for an operational debt of Rs. 2,25,87,068/-.
The Adjudicating Authority (NCLT) rejected this application on 24.09.2024, citing an invalid Demand Notice and a pre-existing dispute regarding deficiency of service.
Aggrieved by this rejection, KNK Ship Management filed Company Appeal (AT) Insolvency No. 2149 of 2024 before the Hon'ble NCLAT.
The Hon'ble NCLAT, through its order dated 11.09.2025, allowed the appeal and set aside the NCLT's order dated 24.09.2024.
…The Adjudicating Authority (NCLT) rejected the…
The Hon'ble NCLAT passed an order in Company…