In the matter of Gannon Dunkerley and Company Limited Cp (Ib) No. 01-MB-IV-2021
Case brief
What is this about?
The Tribunal admitted a petition filed by EBPL Ventures Private Limited to initiate CIRP against Gannon Dunkerley and Company Limited. The court rejected the debtor's defense that invoices were issued to a consortium, finding the corporate debtor liable for the admitted debt exceeding the statutory threshold.
What did the court decide?
Petition admitted; moratorium declared under Section 14; Mr. Navjit Singh appointed as Interim Resolution Professional; management of the corporate debtor vested in the IRP.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
CP (IB) No.01/MB-IV/2021
Under Section 9 of the IBC, 2016
In the matter of
EBPL Ventures Private Limited [CIN: U60200CT200PTC020033]
…Operational Creditor
v/s.
Gannon Dunkerley and Company Limited [CIN: U51109MH1924PLC001107]
…Corporate Debtor Order Delivered on: 15.03.2022
Coram:
Mr. Rajesh Sharma Mr. Kishore Vemulapalli Hon’ble Member (Technical) Hon’ble Member (Judicial) Appearances (via videoconferencing): For the Petitioner: Ms. Prachi Johri, Advocate For the Respondent: Mr.Dibyo Banerji, Advocate
ORDER
Issues for consideration
3 issues framed by the court
Whether the petition under Section 9 of the IBC is maintainable regarding the debt owed by the corporate debtor despite claims of consortium involvement.
Whether the debt claimed by the operational creditor exceeds the threshold limit of one crore rupees mandated under Section 4 of the IBC.
Whether the corporate debtor can be held liable for the debt despite invoking consortium or joint venture arrangements as a defense.
Parties & counsel
- petitioner
EBPL Ventures Private Limited
- respondent
Gannon Dunkerley and Company Limited
Coram
Rajesh Sharma
Case details
As recorded by the court registry
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