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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Rakesh Kumar Jain, J
Yarn Sales Corporation through Sh. Rajesh Kumar, partner – Appellant
Versus
Punjab State Power Corporation Ltd. & Anr. – Respondent
| Table of Content |
|---|
| 1. introduction of the appeal details and context. (Para 1 , 2) |
| 2. background regarding the liquidation and claim against the corporate debtor. (Para 3 , 4 , 5) |
| 3. discussion of the legal obligation regarding outstanding dues and sale terms. (Para 6 , 7 , 10) |
| 4. arguments regarding statutory provisions and case law alluding to past due liabilities. (Para 11 , 12 , 13 , 14 , 15) |
| 5. resolution of the appeal and assertion of rights under the insolvency code. (Para 16 , 17 , 18 , 20) |
JUDGMENT
Per: Justice Rakesh Kumar Jain:
This appeal is directed against the order dated 01.12.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench) by which application bearing I.A. No. 962 of 2022 filed in CP (IB) No. 160/Chd/Pb/2018 by the Appellant under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 (in short ‘Code’) has been dismissed.
2. Brief facts of this case are that Gian Chand & Sons Pvt. Ltd. (Corporate Debtor) was admitted to liquidation on 05.08.2019 and Respondent No. 2 was appointed as the Liquidator.
3. Respondent No. 2 invited claims pending against the Corporate Debtor. Respondent No. 1 submitted its claim of Rs. 34,59,859/-, out
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