The appeal was filed by the Suspended Directors of the Corporate Debtor challenging the order dated 2023-09-11, by which the Section 9 application filed by the respondent, Bansal Industries, was admitted. The Section 9 application claimed an amount of Rs. 39,58,720 plus interest. An earlier order was passed on 2023-09-14, where the Appellant's counsel submitted that the application was filed for Rs. 36,11,237 and the Corporate Debtor was under CIRP from 2021-2023. An amount of Rs. 32,41,276 was offered to the Corporate Debtor but not accepted.
The Suspended Directors of Manpasand Beverages Ltd. filed an appeal against an order admitting a Section 9 application by Bansal Industries. Bansal Industries claimed Rs. 39,58,720 plus interest. The Corporate Debtor was under CIRP from 2021-2023. The Appellant offered Rs. 32,41,276, which was not accepted. The Appellant was ready to deposit Rs. 36,11,237 and pay reasonable interest. The parties settled for Rs. 50.00 Lacs. The Operational Creditor received the amount, and CIRP was deemed unnecessary. No publication was made, and an immediate interim order was passed. The Adjudicating Authority directed payment of Rs. 02.00 Lacs to the IRP. The Operational Creditor was directed to pay Rs. 01.00 Lac to the IRP.
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Order passed admitting…
Learned Counsel for the Appellant submits that…
The appeal was filed by the Suspended Directors of the Corporate Debtor challenging the order dated 2023-09-11, by which the Section 9 application filed by the respondent, Bansal Industries, was admitted. The Section 9 application claimed an amount of Rs. 39,58,720 plus interest. An earlier order was passed on 2023-09-14, where the Appellant's counsel submitted that the application was filed for Rs. 36,11,237 and the Corporate Debtor was under CIRP from 2021-2023. An amount of Rs. 32,41,276 was offered to the Corporate Debtor but not accepted.
The Suspended Directors of Manpasand Beverages Ltd. filed an appeal against an order admitting a Section 9 application by Bansal Industries. Bansal Industries claimed Rs. 39,58,720 plus interest. The Corporate Debtor was under CIRP from 2021-2023. The Appellant offered Rs. 32,41,276, which was not accepted. The Appellant was ready to deposit Rs. 36,11,237 and pay reasonable interest. The parties settled for Rs. 50.00 Lacs. The Operational Creditor received the amount, and CIRP was deemed unnecessary. No publication was made, and an immediate interim order was passed. The Adjudicating Authority directed payment of Rs. 02.00 Lacs to the IRP. The Operational Creditor was directed to pay Rs. 01.00 Lac to the IRP.
Order passed admitting…
Learned Counsel for the Appellant submits that…