{"id":222575,"date":"2019-11-27T11:00:44","date_gmt":"2019-11-27T05:30:44","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=222575"},"modified":"2019-12-12T15:26:56","modified_gmt":"2019-12-12T09:56:56","slug":"nclt-company-petition-fit-for-corporate-insolvency-resolution-process-if-corporate-debtor-fails-to-deny-insolvency-charges-with-proof","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/27\/nclt-company-petition-fit-for-corporate-insolvency-resolution-process-if-corporate-debtor-fails-to-deny-insolvency-charges-with-proof\/","title":{"rendered":"NCLT | Company Petition fit for Corporate Insolvency Resolution Process if Corporate Debtor fails to deny insolvency charges with proof"},"content":{"rendered":"

National Company Law Tribunal (NCLT): <\/b>Justice Rajeswara Rao Vittanala (Judicial Member) allowed the Company Petition filed by CloudWalker Streaming Technologies Pvt. Ltd. (Corporate Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Section 6 of the Insolvency and Bankruptcy(Application to Adjudicating Authority) Rules, 2016 against Flipkart India Pvt. Ltd. (Corporate Debtor). The instant petition sought initiation of the Corporate Insolvency Resolution Process (CIRP) on the ground that Flipkart had committed default for an amount of Rs 26.95 crores.\u00a0<\/span><\/p>\n

Anjit Anekar along with Ms. Urvi Vaidya appeared for the petitioners while the respondents were represented by Senior Counsel Dhyan Chinappa, Chinmay. J.\u00a0 <\/span>Mirzi and Charitha V.<\/p>\n

CloudWalker had entered into a Supply Agreement with Flipkart, but the latter started to delay in taking deliveries and in some cases did not collect them at all. The ramification of this delay was that the Creditor CloudWalker started facing heavy financial losses. When the Debtor Flipkart defaulted in collecting more than 70 per cent of the stock ordered by it, CloudWalker threatened to invoke the arbitration clause of the Supply Agreement.\u00a0<\/span><\/p>\n

The petitioners CloudWalker alleged that the Corporate Debtor company is commercially insolvent and poses a threat to commercial morality. The respondents Flipkart argued that they had already paid in excess of 85 crores towards the invoices raised by the Creditor CloudWalker, and therefore the question of being commercially insolvent was baseless, frivolous and bears mala fide intentions.\u00a0<\/span><\/p>\n

The fact that the respondent company Flipkart had no material proof to deny the charges of committing default and the e-mail exchange presented before the Tribunal, tilted the case in favour of the petitioner CloudWalker.<\/p>\n

After examining the facts of the case, the Tribunal opined that the Debtor had committed the default in question and the instant petition met all the essentials of proviso 2 of Section 9 of the IBC. Therefore, the Tribunal allowed the initiation of CIRP in respect of Flipkart India Pvt. Ltd. (Corporate Debtor).\u00a0<\/span>[CloudWalker Streaming Technologies (P) Ltd. v. Flipkart India (P) Ltd.,\u00a0 2019 SCC OnLine NCLT 671<\/b><\/a>, decided on 24-10-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Tribunal (NCLT): Justice Rajeswara Rao Vittanala (Judicial Member) allowed the Company Petition filed by CloudWalker Streaming Technologies Pvt. Ltd. <\/p>\n","protected":false},"author":8808,"featured_media":162604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[31018,22814,38509],"class_list":["post-222575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-company-petition","tag-corporate-insolvency-resolution-process","tag-insolvency-charges"],"yoast_head":"\nNCLT | Company Petition fit for Corporate Insolvency Resolution Process if Corporate Debtor fails to deny insolvency charges with proof | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/27\/nclt-company-petition-fit-for-corporate-insolvency-resolution-process-if-corporate-debtor-fails-to-deny-insolvency-charges-with-proof\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLT | Company Petition fit for Corporate Insolvency Resolution Process if Corporate Debtor fails to deny insolvency charges with proof\" \/>\n<meta property=\"og:description\" content=\"National Company Law Tribunal (NCLT): Justice Rajeswara Rao Vittanala (Judicial Member) allowed the Company Petition filed by CloudWalker Streaming Technologies Pvt. 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(Sahara).\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Financial Creditor","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":152514,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/28\/nclt-reserves-order-on-maintainability-of-insolvency-proceedings-against-era-infra\/","url_meta":{"origin":222575,"position":3},"title":"NCLT reserves order on maintainability of insolvency proceedings against Era Infra","author":"Saba","date":"August 28, 2017","format":false,"excerpt":"National Company Law Tribunal:\u00a0Union Bank of India, the Financial Creditor initiated Corporate Insolvency Resolution Process against Era Engineering Infra Ltd, the Corporate debtor under the Insolvency and Bankruptcy Code, 2016. The main question for consideration before the Special Bench, NCLT, New Delhi was whether the process under the Insolvency and\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/04\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/04\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/04\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/04\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/04\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270157,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/15\/nclt-can-a-financial-creditor-initiate-insolvency-resolution-process-against-a-personal-guarantor\/","url_meta":{"origin":222575,"position":4},"title":"NCLT| Can a Financial Creditor initiate Insolvency Resolution Process against a Personal Guarantor?","author":"Editor","date":"July 15, 2022","format":false,"excerpt":"National Company Law Tribunal, Hyderabad: The Bench of N. Venkata Ramakrishna Badarinath, Judicial Member, and Veera Brahma Rao Arekapud, Technical Member held that a guarantor cannot enjoy the right of subrogation enunciated in the Contract Act, 1872, when the payment made by the guarantor regards the debt for which the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Financial Creditor","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":322814,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/05\/23\/nclt-dismisses-corporate-insolvency-resolution-proceedings-against-syska-led-lights-after-settlement-scc-times\/","url_meta":{"origin":222575,"position":5},"title":"NCLT approves withdrawal of insolvency resolution proceedings against Syska LED Lights after settlement","author":"Ritu","date":"May 23, 2024","format":false,"excerpt":"The NCLT directed the Resolution Professional to hand over control of Syska LED Lights Pvt. Ltd. back to the Corporate Debtor, if it had been taken over.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/222575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=222575"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/222575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/162604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=222575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=222575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=222575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}