Naresh Chand Vs Mani Mahesh Ispat Pvt. Ltd. & Ors. (NCLAT New Delhi)
Summary: The appeal was filed by Naresh Chand, stated in the cause title as Suspended Director of Ashiana Ispat Pvt Ltd., against the National Company Law Tribunal, Jaipur Bench order dated 03.07.2026 admitting the Section 9 application filed by Mani Mahesh Ispat Pvt. Ltd. against Ashiana Ispat Pvt. Ltd. under the Insolvency and Bankruptcy Code, 2016. The claim concerned ₹5,73,65,819/- arising from 27 unpaid invoices and two debit notes for supplies of mild steel ingots and billets.
The Operational Creditor relied on the acknowledged ledger liability, delivery of goods, payment of GST, TDS reflected in Form 26AS, subsequent cheques aggregating to ₹5,73,65,819/- issued in October 2024 and dishonoured on 10.01.2025, and the Section 8 demand notice. Before the Adjudicating Authority, the Corporate Debtor contended that there was a prior dispute because an agreement to sell dated 14.02.2024 had adjusted the alleged dues against consideration for an immovable property, and that a civil suit for specific performance was pending before the Delhi High Court.
Before the NCLAT, the Appellant submitted that the settlement agreement and agreement to sell dated 14.02.2024 had changed the character of the liability from operational debt to advance sale consideration. Reliance was placed on Section 62 of the Indian Contract Act, 1872, together with Mobilox Innovations Pvt. Ltd. v. Kirusa Software Pvt. Ltd., Rajratan Babulal Agarwal v. Solartex India Pvt. Ltd. and other authorities on pre-existing dispute, settlement agreements and the use of the IBC.
