In the matter of Emco Ltd. C.P.(IB)-2849-(MB)-2018
Case brief
What is this about?
The National Company Law Tribunal Mumbai Bench admitted a corporate insolvency resolution process petition filed by Jet Roadlines against EMCO Ltd. for an operational debt, finding the corporate debtor failed to adequately dispute the claim and invoking the moratorium under Section 14.
What did the court decide?
Petition admitted; Interim Resolution Professional appointed; Moratorium invoked under Section 14.
What the court decided
No. C.P.(IB)-2849/(MB)/2018 Under Section 9 of Insolvency & Bankruptcy Code, 2016
In the National Company Law Tribunal Mumbai Bench.
In the matter of
Jet Roadlines (India) Pvt. Ltd. : Petitioner/ Operational Creditor V/s EMCO Ltd. : Respondent/ Corporate Debtor Heard on: 09.07.2019 Order delivered on: 22.07.2019
Coram:
Hon’ble Shri M.K. Shrawat, Member (Judicial)
For the Petitioner(s) : 1. Mr. Vaibhav Mohnot. For the Respondent(s) : 1. Mr. Yakshay Chheda Devanshi, i/b. Parinam Law Associates.
Per M.K. Shrawat, Member (Judicial).
ORDER
- A Petition u/s.9 has been submitted in Form No.5 on 27.07.2018 by the Operational Creditor M/s. Jet Roadlines (India) Pvt. Ltd., against the Corporate Debtor M/s. EMCO Ltd., Jalgaon-425003 for an Operational Debt amount of ₹62,20,321/- Plus Interest @ 18% thereon of ₹15,69,492/- totalling ₹77,89,813/-.
- Brief particulars of the case:- The Petitioner/ Operational Creditor is stated to be involved in the business of Supporting and auxiliary transport activities whereas the Corporate Debtor is involved in manufacturing of electric motors, generators and transformers. Petitioner submitted that services were provided to the Corporate Debtor for which Invoices with Delivery Challans were issued. A computation of outstanding Debt amount, placed on record, is reproduced below:-
Issues for consideration
3 issues framed by the court
Whether the default under Section 3(12) of the Insolvency and Bankruptcy Code is established given the debtor's failure to reconcile the claimed debt.
Whether the petition for Corporate Insolvency Resolution Process under Section 9 deserves admission.
Whether the Moratorium under Section 14 of the Code should be invoked upon admission of the petition.
Parties & counsel
- petitioner
Jet Roadlines (India) Pvt. Ltd.
- respondent
EMCO Ltd.
Coram
M.K. Shrawat
Case details
As recorded by the court registry
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