Macquarie Bank Limited vs. Shilpi Cable Technologies

Facts of the Case

The Corporate Debtor/Respondent (Uttam Galva Metallics) defaulted in the payment to the Operational Creditor/Appellant (Macquarie Bank) amounting to USD 6,321,337 equivalent to Rs. 43,11,15,190. Although repeated reminders as to the payment of the debt via emails were made, but such communications could not influence the Debtor to make the payment, pursuant to which a Statutory Notice was sent by the Appellant under Section 433 and 434 of the Companies Act. The reply to such notice denied the existence of any such outstanding debt on the part of the Respondent. After, the Insolvency and Bankruptcy Code was enacted in 2016, the Appellant furnished a Demand Notice to the Corporate Debtor under Section 8 of the Code. The Respondent replied to the notice saying that there existed no outstanding default on its part and simultaneously, also questioned the validity of the Purchase Agreement. The Appellants approached the National Company Law Tribunal and