The case involves appeals filed under Section 62 of the Insolvency and Bankruptcy Code, 2016, by an operational creditor, M/S. Jai Balaji Industries, challenging a common order dated 17.08.2021 passed by the National Company Law Appellate Tribunal (NCLAT). The NCLAT had set aside orders passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which had admitted the appellant's application for initiation of Corporate Insolvency Resolution Process (CIRP) against the respondent No. 2 company, Orissa Minerals Development Company Limited. The dispute arose from alleged non-payment of operational debts claimed by the appellant based on arbitral awards.
M/S. Jai Balaji Industries (appellant) is engaged in manufacturing and supplying iron and steel products. Orissa Minerals Development Company Limited (respondent No. 2) is in the business of selling iron ore. The appellant and respondents entered into Memorandums of Understanding (MOUs) in 2003 and 2004, where the respondent No. 2 agreed to supply iron ore to the appellant. Disputes arose regarding supply and payment, leading the appellant to invoke arbitration. Two arbitral awards were passed in favor of the appellant in 2010, ordering the respondent company to pay Rs. 4.44 crores and Rs. 2.79 crores respectively. The respondent company challenged these awards under Section 34 of the Arbitration and Conciliation Act, 1996. The petitions were dismissed by the District
…Sign in to view the parties.
Appellant and…
Appellant and…
The case involves appeals filed under Section 62 of the Insolvency and Bankruptcy Code, 2016, by an operational creditor, M/S. Jai Balaji Industries, challenging a common order dated 17.08.2021 passed by the National Company Law Appellate Tribunal (NCLAT). The NCLAT had set aside orders passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which had admitted the appellant's application for initiation of Corporate Insolvency Resolution Process (CIRP) against the respondent No. 2 company, Orissa Minerals Development Company Limited. The dispute arose from alleged non-payment of operational debts claimed by the appellant based on arbitral awards.
M/S. Jai Balaji Industries (appellant) is engaged in manufacturing and supplying iron and steel products. Orissa Minerals Development Company Limited (respondent No. 2) is in the business of selling iron ore. The appellant and respondents entered into Memorandums of Understanding (MOUs) in 2003 and 2004, where the respondent No. 2 agreed to supply iron ore to the appellant. Disputes arose regarding supply and payment, leading the appellant to invoke arbitration. Two arbitral awards were passed in favor of the appellant in 2010, ordering the respondent company to pay Rs. 4.44 crores and Rs. 2.79 crores respectively. The respondent company challenged these awards under Section 34 of the Arbitration and Conciliation Act, 1996. The petitions were dismissed by the District
…Appellant and…
Appellant and…