Visa Coke Limited, an operational creditor, filed an appeal against the order of the National Company Law Appellate Tribunal (NCLAT) which upheld the National Company Law Tribunal's (NCLT) dismissal of Visa Coke's application to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Mesco Kalinga Steel Limited, the corporate debtor. The NCLT had dismissed the application because the demand notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) was served to the Key Managerial Personnel (KMP) of the corporate debtor and not directly to the corporate debtor itself. The appellant argued that serving the notice to the KMP at the registered address of the corporate debtor constitutes valid service under the IBC and related rules. The respondent
…Visa Coke Limited (appellant) is an operational creditor engaged in manufacturing and selling Low Ash Metallurgical Coke. M/S Mesco Kalinga Steel Limited (respondent) is the corporate debtor, involved in the minerals and metals business. On 2019-10-11, they entered a contract for the sale and purchase of LAM Coke. The respondent was to purchase 12,000 MT +/- 10% of LAM Coke at INR 18,800 per metric tonne + GST, with delivery by 2019-11-10, and 100% advance payment via RTGS/NEFT or Letter of Credit. The contract was amended several times regarding delivery and lifting dates. The last amendment, dated 2019-12-18, extended the lifting date. The appellant supplied LAM Coke, and payments were made. The respondent requested delivery of 1700 MT of LAM Coke via emails on
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Contract for sale and purchase of LAM Coke…
M/S Mesco Kalinga Steel…
Visa Coke Limited, an operational creditor, filed an appeal against the order of the National Company Law Appellate Tribunal (NCLAT) which upheld the National Company Law Tribunal's (NCLT) dismissal of Visa Coke's application to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Mesco Kalinga Steel Limited, the corporate debtor. The NCLT had dismissed the application because the demand notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) was served to the Key Managerial Personnel (KMP) of the corporate debtor and not directly to the corporate debtor itself. The appellant argued that serving the notice to the KMP at the registered address of the corporate debtor constitutes valid service under the IBC and related rules. The respondent
…Visa Coke Limited (appellant) is an operational creditor engaged in manufacturing and selling Low Ash Metallurgical Coke. M/S Mesco Kalinga Steel Limited (respondent) is the corporate debtor, involved in the minerals and metals business. On 2019-10-11, they entered a contract for the sale and purchase of LAM Coke. The respondent was to purchase 12,000 MT +/- 10% of LAM Coke at INR 18,800 per metric tonne + GST, with delivery by 2019-11-10, and 100% advance payment via RTGS/NEFT or Letter of Credit. The contract was amended several times regarding delivery and lifting dates. The last amendment, dated 2019-12-18, extended the lifting date. The appellant supplied LAM Coke, and payments were made. The respondent requested delivery of 1700 MT of LAM Coke via emails on
…Contract for sale and purchase of LAM Coke…
M/S Mesco Kalinga Steel…