In the matter of Contexus Resource Management Pvt. Ltd. Cp (Ib) No.29-ALD-2022
Case brief
What is this about?
This application admitted a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 to initiate Corporate Insolvency Resolution Process (CIRP) against a corporate debtor. The court accepted that an outstanding advance payment due to non-supply of goods qualifies as operational debt, meeting the threshold and admitting the application.
What did the court decide?
The application was admitted, CIRP initiated against the corporate debtor, an Insolvency Resolution Professional appointed, and moratorium declared under Section 14.
IN THE NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH, PRAYAGRAJ
CP (IB) No.29/ALD/2022
An application under Section 9 of the Insolvency & Bankruptcy Code, 2016 read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016
IN THE MATTER OF:
M/S HI-TECH STEEL SERVICES LTD.
Having its office at Bold Industrial Park Neills Road, St. Helens Merseyside WA9 4TU, United Kingdom
...Applicant/Operational Creditor
Versus
M/S CONTEXUS RESOURCE MANAGEMENT PVT. LTD.
A Company registered under the provisions of Companies Act, 2013 Having its registered office at
Plot No.19, Divya Nagar,
Issues for consideration
3 issues framed by the court
Whether an outstanding advance payment is covered under the definition of operational debt.
Whether the operational debt claim exceeds the mandatory threshold limit of Rs. 1 crore.
Whether the application for CIRP under Section 9 satisfies mandatory conditions for admission.
Parties & counsel
- applicant
M/s Hi-Tech Steel Services Ltd.
Coram
Ashish Verma
Praveen Gupta
Case details
As recorded by the court registry
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