NCLT JUDGEMENT ON SECTION 8, 9, 13(1)(B), 13(1)(C), 14, 14(1), 15, 17, 18, 19, 20, 21, 31(1), 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016


Maloo Bhatt And Co. Vs. Pet Metal Private Limited, (2020) 08 NCLT CK 0024

NCLT allowed the Application filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code,2016, to initiate Corporate Insolvency Resolution Process against Corporate Debtor for the amount of debt related to invoice raised for audit fees and other professional work. While allowing the appeal NCLT held that the amount of debt is more than Rs. 1 lacs which is not barred by law of limitation. The said amount has not been paid and no plausible defence has been put forward by Corporate Debtor. The Applicant has also provided MCA Data of the Corporate Debtor. The application is otherwise complete and defect free. It is also noted that no disciplinary proceedings are pending against the IRP whose consent is on record. Hence, he can be appointed to conduct Corporate Insolvency Resolution Process (CIRP). Accordingly, we admit this application and order.

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