VPR Mining Private Ltd Vs Gajraj Mining Private Limited (NCLAT Delhi)
NCLAT Delhi held that application under section 9 of the Insolvency and Bankruptcy Code rightly dismissed as debt fell within restricted period under section 10A. accordingly, order of Adjudicating Authority upheld.
Facts- The present Company Appeal (AT) (Ins) No. 1546 of 2024 has been filed by the Appellant i.e. M/s VPR Mining Private Ltd., who is the Operational Creditor, under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the Impugned Order dated 05.04.2024 passed by the National Company Law Tribunal, Indore Bench. M/s Gajraj Mining Private Ltd, who is the Corporate Debtor, is the Respondent herein.
The Appellant mainly submitted that the Adjudicating Authority erred in its order dated 05.04.2024 by dismissing the Section 9 petition under the Code on the ground that the debt fell within the Section 10A exclusion period (25.03.2020 to 24.03.2021).
Conclusion- Held that we do not find any merit in the contention of the Appellant on the applicability of 10 A period in Section 9 application. We hold that the outstanding bills of Rs. 9.25 Crores (approx.) fell in 10A restricted period and thus the Appellant could not have initiated Section 9 application against the Respondent. We concur with the finding of the Adjudicating Authority on this issue and do not find any fault in the Impugned Order on this ground.
