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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Indevar Pandey, T
Puneet Resutra – Appellant
Versus
Jammu & Kashmir Bank Ltd. – Respondent
| Table of Content |
|---|
| 1. corporate debtor's insolvency initiated by creditor (Para 1 , 3) |
| 2. appellant argues debt is settled via ots (Para 2 , 4 , 5 , 6) |
| 3. corporate debtor is operational, can discharge liabilities (Para 12 , 14) |
| 4. bank preserved right to claim from debtor (Para 33 , 34 , 42) |
| 5. adjudicating authority is proper; admission followed law (Para 52 , 60 , 62) |
| 6. appeal dismissed; nclt's order affirmed (Para 66) |
JUDGMENT
(3rd July, 2025)
INDEVAR PANDEY, MEMBER (T)
The present appeal has been filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘Code’), by the Appellant, Mr. Puneet Resutra (erstwhile Director of M/s Ace Engineering (India) Private Limited), challenging the impugned order dated 06.03.2023 passed by the National Company Law Tribunal (Adjudicating Authority), Chandigarh Bench, in CP (IB) No. 54/Chd/J&K/2019 titled Jammu & Kashmir Bank Ltd. v. M/s Ace Engineering (India) Private Limited. By the said impugned order, the Adjudicating Authority admitted the application filed by the Jammu & Kashmir Bank Ltd./Financial Creditor under Section 7 of the Code and initiated the Corporate Insolvency Resolution Process (CIRP) against the Cor
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