Case Law Details
Aypols Polymers Private Limited Vs Suvarna Fibrotech Pvt Ltd. (NCLT Mumbai)
NCLT noticed that the Operational Creditor served a demand notice in Form 3 on 18.02.2020 and has not filed any proof of service and petition was filed on 19.02.2020 vide Reference No 2709138010602020. It is pertinent to note that Section 8(1) of the Code provides delivery of Demand Notice on unpaid Operational Debt and Section 8(2) provides 10 days’ time to the Corporate Debtor to responds to such notice. Section 9 of Code permits the Operational Creditor after expiry of 10 days provided in sec 8(2) to file an application before the adjudicating authority for initiating Corporate Insolvency Resolution Process. In the present case, the operational creditor has filed the application on the very next day of the date of demand notice in Form 3. In view of provisions of Sec 9 enabling the Operational creditor to file an application against the Corporate Debtor after expiry of 10 days from the date receipt of such demand notice by the Corporate Debtor, we are of the view that present application is not in accordance with the mandate of Section 9(1) of the Code as the same has been filed on the next day of the date of demand
In view of the above, the present petition is dismissed as not maintainable in terms of provision contained in Sec 9(1) of IBC.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. This is a Company Petition filed under section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) AYPOLS POLYMERS PRIVATE LIMITED,
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