In the matter of Klt Automotive and Tubular Product Limited Tcp 169-MB-2017
Case brief
What is this about?
The NCLT rejected a transferred insolvency petition under Section 9 of the IBC filed by a supplier against a corporate debtor. The court held the petition barred by limitation as prior Form C issuance in 2012 set a new clock expiring in 2015, and also found it incomplete under Rule 5 due to lack of a fresh Section 8 Demand Notice.
What the court decided
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH - I
TCP 169/MB/2017
Under section 9 of the Insolvency and Bankruptcy Code, 2016
Neo Seamless Tubes Limited [CIN: U27202WB2007PLC112454] 236B A.J.C. Bose Road, Room No. 202, 2nd Floor, Kolkata - 700020
…Operational Creditor/Petitioner
Versus
KLT Automotive and Tubular Product Limited
[CIN: U34300MH1994PLC081463] B- 601, Elegant Business Park, MIDC Road No. 2, Andheri (East), Mumbai- 400059
…Corporate Debtor/Respondent
Order Delivered on 19.01.2023
Coram:
Hon’ble Member (Judicial) : Justice P.N. Deshmukh (Retd.) Hon’ble Member (Technical): Mr. Shyam Babu Gautam
Issues for consideration
3 issues framed by the court
Whether a corporate insolvency resolution process petition transferred from the High Court under Rule 5 of the Transfer Rules is maintainable without a fresh Demand Notice under Section 8 of the IBC.
Whether the petition is barred by limitation despite allegedly advanced sales tax C-Forms issued in 2012.
Whether the deletion under Section 9 of the IBC due to deficiencies under Rule 5 and limitation.
Parties & counsel
- petitioner
Neo Seamless Tubes Limited
- respondent
KLT Automotive and Tubular Product Limited
Coram
Justice P.N. Deshmukh
Case details
As recorded by the court registry
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