Pravinbhai Raninga Vs. The Kotak Resources [Company Appeal (AT) (Insolvency) 140 of 2018] - Synopsis
Team SoOLEGAL 26 Mar 2021

In this case, Pravinbhai Raninga Vs. The Kotak Resources [Company Appeal (AT) (Insolvency) 140 of 2018], the Appellant had challenged the Adjudicating Authority's (NCLT) Ahmadabad Bench order. According to the Appellant, the Corporate Debtor had made payment to Navis Multi Trade Private Limited (referred to as "Navis") for the purchase of Iron Ore. However, Navis was unable to negotiate for the supply of Iron Ore to Corporate Debtor and as a result, Navis had returned the funds to the Corporate Debtor. Normally, the Adjudicating Authority is not allowed to examine the parties' claim or counterclaim other than to assess if the record is full and if the Corporate Debtor has committed a debt or default. It is important for the Adjudicating Authority to determine the presence of a default from the records of the information utility or from the basis of proof provided by the Financial Creditor as soon as possible. In light of Corporate Debtor's record of repayment, it was decided that the appellant had made out an argument that the default had not occurred in the sense that the debt, which also contains a contested allegation, was not due and was not payable by Corporate Debtor to the Respondent in law as well as in reality. 
The Bench had set aside the impugned order of National Company Law Tribunal, Ahmadabad Bench, and allowed the appeal with further observations and directions.

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