{"id":255301,"date":"2021-10-07T17:00:12","date_gmt":"2021-10-07T11:30:12","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=255301"},"modified":"2021-10-07T16:45:26","modified_gmt":"2021-10-07T11:15:26","slug":"nclt-deducing-from-the-acts-and-the-tactics-of-the-corporate-debtor-failing-the-test-of-legality-initiates-cirp","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/07\/nclt-deducing-from-the-acts-and-the-tactics-of-the-corporate-debtor-failing-the-test-of-legality-initiates-cirp\/","title":{"rendered":"NCLT | Deducing from the acts and the tactics of the corporate debtor failing the test of legality, initiates CIRP"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Law Tribunal, Mumbai Bench, Mumbai-<\/strong> The Coram of Ashok Kumar Borah, Judicial Member, and Shyam Babu Gautam, Technical Member while allowing the company petition, ordered for initiation of Corporate Insolvency Resolution Process (CIRP). The Bench stated that,<\/p>\n<p style=\"text-align: justify;\"><em>\u201cThe Operational Creditor has successfully demonstrated and proved the debt and default in this case and has also proved that there is absolutely no reason for the Corporate Debtor to hold on to the payment of the invoices\u201d.<\/em><\/p>\n<p style=\"text-align: justify;\">In the present matter initiation of Corporate Insolvency Resolution Process (CIRP) against Prince MFG Industries Private Limited (Corporate Debtor) was sought for, alleging that the corporate debtor committed default in making payment to the operational creditor. This petition was filed by invoking the provisions of Section 9 Insolvency and Bankruptcy Code, 2016 read with Rule 6 of Insolvency &amp; Bankruptcy (Application to Adjudicating Authority) Rules, 2016.<\/p>\n<p style=\"text-align: justify;\">The Tribunal after considering the statements, acts and the submissions was of the opinion that despite giving enough chances, the corporate debtor did not file its reply, showed that the amount was due and payable. Also the acts and the tactics used also elaborated the intention. The Tribunal considering the contradicting statements where a part payments was made and then later denying any pre-existing dispute, it was of the view that,<\/p>\n<p style=\"text-align: justify;\"><em>\u201cThis bench clearly visualizes the tactic played on the part of the Corporate Debtor to delay the proceedings\u201d.<\/em><\/p>\n<p style=\"text-align: justify;\">The Tribunal was thus of the opinion, <em>\u201cIt is observed by this bench that the part payment made by the Corporate Debtor proves that it owes the claimed amount to the Operational Creditor and hence it is deemed to be an admission on the part of the Corporate Debtor\u201d<\/em>. And further stated, <em>\u201cHence this Bench is left with no option except to admit the above Company Petition, since the above Company Petition in hand satisfies all necessary legal ingredients for admission under Section 9 of the Code\u201d.<\/em><\/p>\n<p style=\"text-align: justify;\">[Amit Sangal v. Prince MFG Industries Private Ltd., IA No. 1509\/2021, decided on-05-10-2021]<\/p>\n<hr \/>\n<p><span style=\"color: #333300;\">Agatha Shukla, Editorial Assistant has reported this brief.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Counsel for the parties:<\/strong><\/p>\n<p style=\"text-align: justify;\">For the Operational Creditor:<\/p>\n<p style=\"text-align: justify;\">Mr. Anuj Solanki, Practicing Company Secretary, Mr. Rajesh Agarwal, Advocate<\/p>\n<p style=\"text-align: justify;\">For the Corporate Debtor :<\/p>\n<p style=\"text-align: justify;\">Mr. Dinesh Dubey, Advocate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Tribunal, Mumbai Bench, Mumbai- The Coram of Ashok Kumar Borah, Judicial Member, and Shyam Babu Gautam, Technical Member while <\/p>\n","protected":false},"author":67011,"featured_media":162604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[43781,30596,34910,36427,47430],"class_list":["post-255301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-cirp","tag-corporate-debtor","tag-operational-creditor","tag-section-9-ibc","tag-tactics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NCLT | Deducing from the acts and the tactics of the corporate debtor failing the test of legality, initiates CIRP | SCC Times<\/title>\n<meta name=\"description\" content=\"NCLT | Deducing from the acts and the tactics of the corporate debtor failing 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| Rejection of application under S. 9 IBC upheld where CIRP initiated with &#8216;fraudulent and malicious&#8217; intent","author":"Bhumika Indulia","date":"May 21, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A Bench of S.J. Mukhopadhaya, Chairperson and Justice A.I.S Cheema, Member (Judicial) and Kanthi Narahari, Member (Technical) upheld the impugned decision whereby the appellant's (Operational Creditor's) application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed against the respondent (Corporate Debtor) was\u2026","rel":"","context":"In &quot;Case Briefs&quot;","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\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":296343,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/08\/corporate-debtor-cannot-constitute-committee-of-creditors-with-a-single-operational-creditor-under-ibc-nclat\/","url_meta":{"origin":255301,"position":1},"title":"Corporate Debtor cannot constitute Committee of Creditors with a single Operational Creditor under IBC: NCLAT","author":"Ritu","date":"July 8, 2023","format":false,"excerpt":"NCLAT held that CIRP be closed with respect to the Corporate Debtor since not a single \u2018Claim' was received by the IRP even after the public announcement.","rel":"","context":"In &quot;Case Briefs&quot;","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\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":287006,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/16\/financial-creditor-application-section-7-cirp-corporate-debtor-nclat-shareholder-no-locus-standi-legal-research-news-scc-blog\/","url_meta":{"origin":255301,"position":2},"title":"Do Third-party\/shareholders have locus to challenge initiation of CIRP against Corporate Debtor? NCLAT answers","author":"Ritu","date":"March 16, 2023","format":false,"excerpt":"The NCLAT held that there is no law which allows a third party or shareholders to settle the claims of Financial Creditor on behalf of the Corporate Debtor, M\/s McDowell Holdings Limited.","rel":"","context":"In &quot;Case Briefs&quot;","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\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":270628,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/25\/nclat-mumbai-interest-on-delayed-payments-is-a-part-of-operational-debt-under-s-311-of-ibc\/","url_meta":{"origin":255301,"position":3},"title":"NCLAT Mumbai |Interest on Delayed Payments is a part of Operational Debt under S. 3(11) of IBC","author":"Editor","date":"July 25, 2022","format":false,"excerpt":"National Company Appellate Tribunal, Mumbai: The Bench of Ashok Bhushan, J., Chairperson, M. Satyanarayana Murthy, Judicial Member, and Naresh Salecha, Technical member has dismissed a company appeal and has held that interest on delayed payment is also a form of debt and therefore, would form a part of the operational\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":252536,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/11\/nclt-rejects-withdrawal-application-under-s-12-a-ibc\/","url_meta":{"origin":255301,"position":4},"title":"NCLT rejects withdrawal application under S. 12-A IBC where corporate debtor entered into settlement only with a fraction of creditors: CIRP against Rolta India Ltd. will continue\u00a0","author":"Bhumika Indulia","date":"August 11, 2021","format":false,"excerpt":"National Company Law Tribunal, NCLT Mumbai: Coram of Suchitra Kanuparthi, Judicial Member and Chandra Bhan Singh, Technical Member, observed that, \u201c\u2026a Judicial authority ought not to pass Orders which would lead to further multiplicity of proceedings.\u201d The instant application was filed by the Operational Creditor who had earlier initiated the\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":255333,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/08\/debit-acknowledged-in-emails-cirp-initiated-resultantly\/","url_meta":{"origin":255301,"position":5},"title":"NCLT | Debt acknowledged in emails, CIRP initiated resultantly-Appoints IRPM and declares moratorium","author":"Editor","date":"October 8, 2021","format":false,"excerpt":"National Company Law Tribunal, New Delhi Bench, New Delhi -The Coram of P.S.N Prasad, Judicial Member and Narender Kumar Bhola,\u00a0 Technical Member were inclined to allow the process of CIRP, considering the debt acknowledged by the corporate debtor. 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