In the matter of Deejay Dynamix Explosives Private Limited Cp No. (Ib)- 39-9-JPR-2020
Case brief
What is this about?
Application to initiate Corporate Insolvency Resolution Process against corporate debtor for unpaid operational debt. Court held application admissible despite amount below Rs. 1 crore threshold due to filing date. Appointed Interim Resolution Professional and invoked moratorium.
What did the court decide?
Application admitted; CIRP commenced; Mr. Kamal Kumar Jain appointed as Interim Resolution Professional; moratorium invoked.
1
IN THE NATIONAL COMPANY LAW TRIBUNAL JAIPUR BENCH
CORAM: SHRI DEEP CHANDRA JOSHI, HON’BLE JUDICIAL MEMBER SHRI ATUL CHATURVEDI, HON’BLE TECHNICAL MEMBER
CP No. (IB)- 39/9/JPR/2020
(Under Section 9 of the Insolvency and Bankruptcy Code, 2016 Read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016)
IN THE MATTER OF:
M/S VASUNDHARA INDUSTRIES
…Operational Creditor/Applicant Versus
M/S DEEJAY DYNAMIX EXPLOSIVES PRIVATE LIMITED
…Corporate Debtor/Respondent
MEMO OF PARTIES
M/S VASUNDHARA INDUSTRIES
Issues for consideration
3 issues framed by the court
Whether the Adjudicating Authority has jurisdiction to entertain the application for initiation of CIRP.
Whether the application filed prior to the notification specifying Rs. 1 crore as minimum threshold limit is maintainable.
Whether there is a pre-existing dispute regarding the quality of goods supplied affecting the operational debt.
Parties & counsel
- applicant
M/s Vasundhara Industries
- respondent
M/s Deejay Dynamix Explosives Private Limited
Coram
Deep Chandra Joshi
Case details
As recorded by the court registry
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