The Civil Appeal was filed under Section 62(1) of the Insolvency and Bankruptcy Code, 2016, by the Appellant against the final judgment dated 08.07.2022 of the NCLAT, which affirmed the judgment dated 16.11.2021 of the NCLT, Hyderabad Bench. The NCLT had admitted an application filed by Respondent No. 1, an Operational Creditor, under Section 9 of the IBC, initiating the Corporate Insolvency Resolution Process (CIRP) against M/s Abhirama Steels Limited, the Corporate Debtor.
The Corporate Debtor, Abhirama Steels Limited, made an oral purchase order for Mild Steel Billets from Respondent No. 1, Binjusaria Ispat Pvt. Ltd., who supplied the goods. Binjusaria Ispat Pvt. Ltd. raised invoices amounting to INR 1,77,15,636. A Memorandum of Understanding (MOU) was entered into on 13.02.2016 between Binjusaria Ispat Pvt. Ltd., the Corporate Debtor, and the Appellant, Palaparty Abhishek, where the Corporate Debtor agreed to repay the amount by 29.02.2016. The Corporate Debtor provided 8 post-dated cheques, which were dishonored due to non-payment. Binjusaria Ispat Pvt. Ltd. initiated proceedings under Section 138 of the Negotiable Instruments Act, 1881. Both parties filed civil suits for recovery. Binjusaria Ispat Pvt. Ltd. also filed Company
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Respondent No. 1 entered into a Memorandum of…
The Corporate Debtor…
The Civil Appeal was filed under Section 62(1) of the Insolvency and Bankruptcy Code, 2016, by the Appellant against the final judgment dated 08.07.2022 of the NCLAT, which affirmed the judgment dated 16.11.2021 of the NCLT, Hyderabad Bench. The NCLT had admitted an application filed by Respondent No. 1, an Operational Creditor, under Section 9 of the IBC, initiating the Corporate Insolvency Resolution Process (CIRP) against M/s Abhirama Steels Limited, the Corporate Debtor.
The Corporate Debtor, Abhirama Steels Limited, made an oral purchase order for Mild Steel Billets from Respondent No. 1, Binjusaria Ispat Pvt. Ltd., who supplied the goods. Binjusaria Ispat Pvt. Ltd. raised invoices amounting to INR 1,77,15,636. A Memorandum of Understanding (MOU) was entered into on 13.02.2016 between Binjusaria Ispat Pvt. Ltd., the Corporate Debtor, and the Appellant, Palaparty Abhishek, where the Corporate Debtor agreed to repay the amount by 29.02.2016. The Corporate Debtor provided 8 post-dated cheques, which were dishonored due to non-payment. Binjusaria Ispat Pvt. Ltd. initiated proceedings under Section 138 of the Negotiable Instruments Act, 1881. Both parties filed civil suits for recovery. Binjusaria Ispat Pvt. Ltd. also filed Company
…Respondent No. 1 entered into a Memorandum of…
The Corporate Debtor…