Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Home Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles News Highlights
Extracts
Home List
← Previous Next →

M/s. Deem Roll-Tech Limited Versus M/s. R.L. Steel & Energy Ltd.

2017 (3) TMI 1573 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

Corporate Insolvency Resolution Process - Held that:- As per section 60 of IBC this Tribunal has been designated as adjudicating authority in relation to corporate persons. Further as per clause (c) sub-section (5) section 60, this tribunal is enjoined with the jurisdiction to entertain or dispose off any question of priorities or any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

l as the case may be. Hence in the absence of any specific bar in the IBC to the application of the Limitation Act, 1963 coupled with the provisions of Sec 433 of the Act as contained in the Companies Act 2013 which makes Limitation Act applicable to this Tribunal the debt as claimed by the petitioner is barred by limitation and hence cannot be the basis for invoking IBC before this Tribunal. - In relation to the decree obtained from the civil court in relation to the amounts claimed, we are .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

etitioner ORDER 1.The Petitioner has moved this petition before us claiming to be an Operational Creditor as defined under the Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC') of the respondent company. The transaction giving rise to filing of this petition is stated to be one of sale of goods to the respondent company of Spherodial Graphite Rolls based on 3 (three) invoices as detailed below: Invoice No. Date Amount Invoice No. 550 11.10.2011 Rs9,60,841/- Invoice No. 785 21.12.2 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

a Summary Suit under Order XXXVII of CPC in the Court of SR.Civil Judge, Ahmedabad (Rural) A Mirzapur, Ahmedabad I in Summary Suit No.217/2014 and that in the said suit the Learned Judge had decreed ex-parte on 19.10.2016 the suit in favour of the Plaintiff for a sum of ₹ 5,59,600 with simple interest at the rate of 8% per annum from the date of filing of the suit till the date of its realization as well as the costs of the suit to the Petitioner. Based on the strength of the Invoices as g .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as initially moved before us on 08.03.2017 and since we found that no proof had been adduced by the Petitioner for having effected the service of the Notice of Demand dated 15.02.2017 on the respondent other than through e-mail, we directed the Petitioner to serve a notice of the hearing of the Petition fixed on 28.03.2017. Despite service the respondent company as evident from the tracking report has not chosen to appear before us and in the circumstances we are constrained to proceed with the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s is claimed to be in relation to 3 invoices as detailed above, and the last date of payment as per the ledger account for the period between 1.4.2013 to 31.3.2014 is that of 25-2.2014 where in a sum of ₹ 2,00,000/- is shown as received from the respondent and for the year ended 31.3.2014 the closing balance is disclosed to be in a sum of ₹ 5,59,660/- as due from the respondent company. For the year ended 31.3.2015 as well as 31.3.2016 the same amount figures as the closing balance d .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on in holding that the amount claimed as a 'debt' by the petitioner, as against the respondent giving a ground for triggering the insolvency process as contemplated under IBC is time barred and hence the petition is liable to fail keeping in view the provisions of IBC as delineated hereunder:- 7.'Debt' is defined under section 3(11) of IBC to mean a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt. ' .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion of 'operational debt' and 'operational creditor' which seems to have given rise to the instant petition. Operational debt is defined under sec 5(21) of IBC to mean a claim in respect to the provision of goods or services including employment or a debt in respect of the debt in respect of repayment of dues arising under any law for the time being in force and payable to the central government, state government or any local authority and an operational creditor is defined in se .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Forum
what is new what is new
  ↓     bird's eye view     ↓  


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version