Ramniwas B Somany Vs Anushri Paper Pack Pvt. Ltd (NCLAT Delhi)
National Company Law Appellate Tribunal (NCLAT), Delhi, heard an appeal filed by Ramniwas B Somany, the suspended director of Indian Denim Limited (Corporate Debtor), challenging the order dated 22.09.2023 of the National Company Law Tribunal (NCLT), Ahmedabad Bench, Court I. The appeal arose under Section 61 of the Insolvency and Bankruptcy Code (IBC), 2016, against a Section 9 application filed by Anushri Paper Pack Pvt. Ltd. (Operational Creditor) for initiation of the Corporate Insolvency Resolution Process (CIRP) for an operational debt of Rs. 8,48,127/-, including principal of Rs. 3,56,616/- and contractual interest of Rs. 4,82,511/- at 24% per annum.
Background and Appellant’s Contentions
The Appellant contended that the debt claimed by the Operational Creditor was disputed and not crystallized. The disputes arose over corrugated boxes supplied by Anushri Paper Pack Pvt. Ltd., where the Corporate Debtor allegedly requested return of goods due to size and fitment issues. The Appellant emphasized that the goods were not returned due to the Operational Creditor’s inaction, and cited that a buyer is not bound to return goods if the seller refuses to accept them, invoking principles of disputed debt under Section 9 of the IBC.
Further, the Appellant argued that:
