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NATIONAL COMPANY LAW TRIBUNAL
SHRI SUNIL KUMAR AGGARWAL, SHRI RADHAKRISHNA SREEPADA, JJ
M/s. Recap Ventures Pvt. Ltd. – Appellant
Versus
M/s. ITI Limited – Respondent
| Table of Content |
|---|
| 1. filing of petition under section 9. (Para 1 , 2) |
| 2. discussion on limitation and debt validation. (Para 3 , 4 , 6) |
| 3. corporate debtor’s status as a psu with sovereign functions. (Para 5 , 10 , 25) |
| 4. petition dismissed on grounds of pre-existing dispute. (Para 16 , 27) |
ORDER
1. The present Petition was filed on 26.04.2023 under section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC/Code”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, by RECAP VENTURES PRIVATE LIMITED (“Operational Creditor/Petitioner”) seeking to initiate Corporate Insolvency Resolution Professional Process (“CIRP”) against ITI LIMITED (hereinafter referred to as “Corporate Debtor/Respondent”) on the ground that the Corporate Debtor has committed a default in payment of an outstanding amount of Rs. 6,15,13,466 (Rupees Six Crore Fifteen Lakhs Thirteen Thousand Four Hundred Sixty-Six Only) between 20.03.2019 and 11.09.2019 including interest as per MSMED Act and award passed by the MSME Facilitation Council on 30.11.2022. The Record of Default in Form D issued by NeSL is also filed with the Petition. An Affidavit U/s 9(3) (b) regarding there
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