The case involves a civil appeal regarding the initiation of corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, an operational creditor, filed an application under Section 9 of the IBC against the respondent, a corporate debtor, for non-payment of dues. The National Company Law Appellate Tribunal (NCLAT) ruled that the seven-day period for rectifying defects in the application, as stipulated in the proviso to sub-section (5) of Section 9, is mandatory, leading to the rejection of the appellant's application. The appellant challenged this decision in the Supreme Court.
M/S. Surendra Trading Company (appellant) supplied raw jute to M/S. Juggilal Kamlapat Jute Mills Company Limited (respondent) in 2001, 2002, and 2003, resulting in outstanding dues of Rs. 17,06,766.95. The corporate debtor acknowledged the debt on October 24, 2004. The appellant could not recover the debt due to the pendency of proceedings under the Sick Industrial Companies Act (SICA), which provided a stay on proceedings under Section 22(1). In 2007, Rainey Park Suppliers Private Limited invested in the corporate debtor and took over its management. The appellant sent notices to Rainey Park to pay the amount, but it remained unpaid. The Sick Industrial Companies Repeal Act was passed, leading to the abatement of proceedings before the Board for Industrial and
…Sign in to view the parties.
Juggilal Kamlapat Jute Mills Company Limited…
The Board for Industrial and Financial…
The case involves a civil appeal regarding the initiation of corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, an operational creditor, filed an application under Section 9 of the IBC against the respondent, a corporate debtor, for non-payment of dues. The National Company Law Appellate Tribunal (NCLAT) ruled that the seven-day period for rectifying defects in the application, as stipulated in the proviso to sub-section (5) of Section 9, is mandatory, leading to the rejection of the appellant's application. The appellant challenged this decision in the Supreme Court.
M/S. Surendra Trading Company (appellant) supplied raw jute to M/S. Juggilal Kamlapat Jute Mills Company Limited (respondent) in 2001, 2002, and 2003, resulting in outstanding dues of Rs. 17,06,766.95. The corporate debtor acknowledged the debt on October 24, 2004. The appellant could not recover the debt due to the pendency of proceedings under the Sick Industrial Companies Act (SICA), which provided a stay on proceedings under Section 22(1). In 2007, Rainey Park Suppliers Private Limited invested in the corporate debtor and took over its management. The appellant sent notices to Rainey Park to pay the amount, but it remained unpaid. The Sick Industrial Companies Repeal Act was passed, leading to the abatement of proceedings before the Board for Industrial and
…Juggilal Kamlapat Jute Mills Company Limited…
The Board for Industrial and Financial…