2020 (1) TMI 1497

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....lication under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code') filed by 'Anhui Technology Imp. & Exp. Co. Ltd.' (Operational Creditor) Corporate Insolvency Resolution Process having initiated by the Adjudicating Authority (National Company Law Tribunal), New Delhi by impugned order dated 19th September, 2019 against 'M/s Pantel Technologies Pvt. Ltd.' (Corporate Debtor), same is under challenge on the ground that there was a pre-existing dispute. 2. Learned counsel appearing on behalf of the Appellant - Shareholder referred to email dated 30th September, 2016 and other documents to suggest that faulty materials were supplied by the Operational Creditor, which reads as follows:- 3. On the o....

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....quired to be seen that prior to issuance of demand notice under Section 8(1) is there any dispute. 8. In the present case there being a pre-existing dispute relating to quality of product supplied by the Operational Creditor referred in the email dated 30th September, 2016, the Adjudicating Authority without deciding the issue whether it was accepted to pay the amount or not is not competent to admit application under Section 9, there being a pre-existing dispute. 9. For the reason aforesaid we set aside the impugned order dated 19th September, 2019 and dismiss the application under Section 9 filed by the Respondent - Operational Creditor. The Corporate Debtor is released from the rigour of Corporate Insolvency Resolution Process and wil....

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....pt separate at our factory Suman -----Original Message----- From: Videsh Swami [mailto:[email protected]] Sent: 30 September 2016 10:02 To: Mukesh Karnataka ; Suman Chakraborty ; mail.pantel.in/zimbratprintmessage?id C.67448 T 1/3 Document 2 Grab The Future Dated 14 Fub 2017 LETTER OF GUARANTEE [email protected] wwww.padel. CIN: U723000L2010PIC30/463 ANIUI TECHNOLOGY IMP&EXP CO.LTD 459WEST HANGJIANG ROAD,HECHINA Subject: Guarantee for the repayment of Amount payable to ANI-UI TECHNOLOGY IMP&EXP CO.,LTD We hereby confirm that Pantel Technology Pvt Lid will pay Amount to ANHUI TECHNOLOGY IMP&EXP CO.,LTD as per Mutual understanding and as per below schedule b Invoice Hutdate Invoice N....

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....· Repayment of amount payable to Anhul Technology Imp. & Exp. Co. Ltd Maam/Sir, Refer to your above mentioned letter we accept the due amount of USD 990,681.27 (USD Nine Laiths Ninety Thousand Six Hundred Eighty One and Twenty Seven Cent Only) Due to bad market condition our sales proceeds.could not realized yet and some of the goods are still laying in our warehouse as un sold Inventory. You or your client may visit our warehouse and Inspect the laying goods. Further If your client is ready to tack back the inventory at our warehouse we will send back to them or transfer to any other as per there advises. We faced lot of problem in the material supplied by your cllent as quality and short supply of spares. ....