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NATIONAL COMPANY LAW TRIBUNAL
Bidisha Banerjee, Judicial Member, Siddharth Mishra, Technical Member
Matashree Mercantile Private Limited – Appellant
Versus
Sesa International Private Limited – Respondent
| Table of Content |
|---|
| 1. factual background of section 9 petition and remand (Para 1 , 2 , 3) |
| 2. advance payment constitutes operational debt (Para 6) |
| 3. petition dismissed due to pre-existing dispute (Para 7 , 8) |
ORDER
Per: CMDE SIDDHARTH MISHRA, HON’BLE MEMBER (TECHNICAL):
1. The Court convened via hybrid mode.
2. This is a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Matashree Mercantile Pvt. Ltd., (Operational Creditor) for initiation of Corporate Insolvency Resolution Process (‘CIRP’) against Sesa International Limited (‘Corporate Debtor’)
3. Factual Matrix:
3.1. The present Petition was filed on 17 October, 2019 before this Adjudicating Authority. The total amount claimed is Rs. 17,73,04,657.53/- (Rupees Seventeen Crore Seventy Three Lakh Four Thousand Six Hundred Fifty Seven Fifty Three Paisa only) plus interest @24% per annum till 01 October, 2019.
3.2. This Adjudicating Authority had dismissed the instant application vide order dated 03.01.2023 on the ground that there are not enough documents on record which shows that the Corporate
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