The case involves an appeal against an order by the National Company Law Appellate Tribunal (NCLAT) that refused to condone a delay of 44 days in filing an appeal against an order passed by the National Company Law Tribunal (NCLT). The NCLT had rejected the claim of the appellant, National Spot Exchange Limited, in a corporate insolvency resolution process initiated against Dunar Foods Limited. The insolvency proceedings were initiated by the State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant's claim was rejected by the Interim Resolution Professional (IRP) due to a lack of privity of contract between the appellant and the corporate debtor. The NCLT upheld the IRP's decision, leading to the appeal before the NCLAT,
…The State Bank of India initiated insolvency proceedings against Dunar Foods Limited ('Corporate Debtor') under Section 7 of the IBC. National Spot Exchange Limited ('Appellant') claimed to be a creditor of Dunar Foods Limited, alleging that the Corporate Debtor had taken credit limits by hypothecating commodities kept in the Appellant's warehouses. The NCLT admitted the insolvency petition, and an IRP was appointed. The IRP rejected the Appellant's claim due to a lack of privity of contract. The Appellant had previously filed a money suit against PD Agro Processors Pvt. Ltd. ('PD Agro') in the Bombay High Court, which injuncted PD Agro and the Corporate Debtor from disposing of assets. The Appellant claimed that PD Agro siphoned off funds to the Corporate Debtor. The
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National Spot Exchange Limited submitted its…
The Interim Resolution Professional (IRP)…
The case involves an appeal against an order by the National Company Law Appellate Tribunal (NCLAT) that refused to condone a delay of 44 days in filing an appeal against an order passed by the National Company Law Tribunal (NCLT). The NCLT had rejected the claim of the appellant, National Spot Exchange Limited, in a corporate insolvency resolution process initiated against Dunar Foods Limited. The insolvency proceedings were initiated by the State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant's claim was rejected by the Interim Resolution Professional (IRP) due to a lack of privity of contract between the appellant and the corporate debtor. The NCLT upheld the IRP's decision, leading to the appeal before the NCLAT,
…The State Bank of India initiated insolvency proceedings against Dunar Foods Limited ('Corporate Debtor') under Section 7 of the IBC. National Spot Exchange Limited ('Appellant') claimed to be a creditor of Dunar Foods Limited, alleging that the Corporate Debtor had taken credit limits by hypothecating commodities kept in the Appellant's warehouses. The NCLT admitted the insolvency petition, and an IRP was appointed. The IRP rejected the Appellant's claim due to a lack of privity of contract. The Appellant had previously filed a money suit against PD Agro Processors Pvt. Ltd. ('PD Agro') in the Bombay High Court, which injuncted PD Agro and the Corporate Debtor from disposing of assets. The Appellant claimed that PD Agro siphoned off funds to the Corporate Debtor. The
…National Spot Exchange Limited submitted its…
The Interim Resolution Professional (IRP)…