9911796707
TMI Blog2019 (1) TMI 1802X X X X Extracts X X X X X X X X Extracts X X X X ..... orm 5 alleging default of debt amounting to Rs. 2,10,00,000/- . The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench taking into consideration that the respondent had issued notice under Section 8(1) of the I&B Code and there being default, admitted the application by the impugned order dated 13th September, 2017. 2. The case of the appellant is that the respondent - 'M/s. ISMT Limited' does not come within the definition of the 'Operational Creditor' as it has not supplied any goods or given any services. On the other hand, according to the learned counsel for the respondent - 'M/s. ISTM Limited', which is an 'Operational Creditor' had to pay 50% as advance against security to pay to the 'corporate debtor' under the wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aims and all issue between us. As the purpose of the advance against your work order could not be fulfilled due to reasons beyond the control of both the companies. It was mutually agreed to share and absorb the cost equally between the two companies. Based on the understanding it was settled that we will pay Rs. 1.30 cr. It was also agreed that the amount will be gradually settled from the supply of local coal to your plant via Nagpur. Based on the understanding an amount of Rs. 50 lakhs was duly adjusted from the supply of coal to your plant. You had also retained an amount of Rs. 80 lakhs of M/s. Shyam Coal Service against the supply of coal. The total amount received by you is Rs. 1.30 which was equal to the amount agreed between us ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set aside the impugned order dated 13th September, 2017 passed by the Adjudicating Authority, Mumbai Bench. However, we make it clear that if the 'corporate debtor' failed to make payment in terms of their offer or if there is any default, it will be open to the respondent to move appropriate application before the Appropriate Authority claiming it to be a 'financial creditor' as suggested by the appellant. 7. In effect, order (s) passed by Ld. Adjudicating Authority appointing 'Interim Resolution Professional', declaring moratorium, freezing of account and all other order(s) passed by Adjudicating Authority pursuant to impugned order and action taken by the 'Resolution Professional', including the advertisement published in the newspape ..... X X X X Extracts X X X X X X X X Extracts X X X X
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