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NCLT orders insolvency process against CONCOR

NCLT orders insolvency process against CONCOR
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National Company Law Tribunal, New Delhi Bench, ordered Corporate Insolvency Resolution Process (CIRP) against Container Corporation of India Limited (CONCOR) for not paying pending dues to Jalandhar-based Kohinoor India (P) Limited.

Hyderabad: National Company Law Tribunal, New Delhi Bench, ordered Corporate Insolvency Resolution Process (CIRP) against Container Corporation of India Limited (CONCOR) for not paying pending dues to Jalandhar-based Kohinoor India (P) Limited.

In an order dated October 15 this year, New Delhi Bench V of NCLT admitted petition filed by Kohinoor India seeking CIRP against CONCOR, a Navratna company, and appointed Surinder Kumar as Insolvency Resolution Professional (IRP) in the case initiated under Section 9 of Insolvency & Bankruptcy Code (IBC).

Kohinoor India, which is into trading of natural and synthetic rubber, etc, filed a petition in 2018 against CONCOR seeking payment of Rs 6.68 lakh. The petitioner said that it took part in an online bid for auction of rubber process oil conducted by CONCOR through Matex Net Private Limited on March 29, 2012.

It made the entire payment for rubber process oil, but CONCOR subsequently expressed its inability to supply the material. Though CONCOR refunded Rs 22.56 lakh, it did not pay the remaining Rs 3.59 lakh which was deducted towards taxes. With interest component, the total amount that CONCOR owed to the petitioner increased to Rs 6.68 lakh.

"On appraisal of the arguments advanced by the Ld Counsels, the prayer of the Operational Creditor (petitioner) merits consideration. Accordingly, this petition is admitted. A moratorium in terms of Section 14 of the Insolvency & Bankruptcy Code, 2016, shall come into effect," the tribunal said in its order.

The Operational Creditor (petitioner) is directed to deposit Rs 2 lakh to meet the immediate expenses of IRP, it added.

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