The appeal was filed by the Operational Creditor challenging the order dated 21.08.2023, by which the Adjudicating Authority allowed an application under Section 12A, permitting the withdrawal of a Section 9 application. The appellant's grievance is limited to the Adjudicating Authority's failure to grant liberty to re-approach the Adjudicating Authority in the event of a breach of a Memorandum of Understanding (MoU) dated 07.07.2023. The Adjudicating Authority had declined to grant any further liberty to the Applicant to re-approach the Adjudicating Authority for the cause of action against the same Corporate Debtor for the purpose of recovery of its operational dues.
Ankit Traders, the Operational Creditor, filed a Section 9 application against Supershine Agrofoods Private Limited, the Corporate Debtor, claiming a default of Rs. 1,85,00,668/- plus interest. During the proceedings, a Memorandum of Understanding (MoU) was entered into between the parties on 07.07.2023. Based on the MoU, the Adjudicating Authority allowed the withdrawal of the Section 9 application under Section 12A. The MoU stipulated that the Corporate Debtor would pay a total amount of Rs. 1,85,00,000/- to the Operational Creditor in full and final settlement. Rs. 50,00,000/- was paid in two installments of Rs. 25,00,000/- each on 30.06.2023. For the remaining amount of Rs. 1,35,00,000/-, it was agreed that the Corporate Debtor would either transfer its rights in a
…Sign in to view the parties.
Default date from which…
Rs. 50 Lakhs paid in…
The appeal was filed by the Operational Creditor challenging the order dated 21.08.2023, by which the Adjudicating Authority allowed an application under Section 12A, permitting the withdrawal of a Section 9 application. The appellant's grievance is limited to the Adjudicating Authority's failure to grant liberty to re-approach the Adjudicating Authority in the event of a breach of a Memorandum of Understanding (MoU) dated 07.07.2023. The Adjudicating Authority had declined to grant any further liberty to the Applicant to re-approach the Adjudicating Authority for the cause of action against the same Corporate Debtor for the purpose of recovery of its operational dues.
Ankit Traders, the Operational Creditor, filed a Section 9 application against Supershine Agrofoods Private Limited, the Corporate Debtor, claiming a default of Rs. 1,85,00,668/- plus interest. During the proceedings, a Memorandum of Understanding (MoU) was entered into between the parties on 07.07.2023. Based on the MoU, the Adjudicating Authority allowed the withdrawal of the Section 9 application under Section 12A. The MoU stipulated that the Corporate Debtor would pay a total amount of Rs. 1,85,00,000/- to the Operational Creditor in full and final settlement. Rs. 50,00,000/- was paid in two installments of Rs. 25,00,000/- each on 30.06.2023. For the remaining amount of Rs. 1,35,00,000/-, it was agreed that the Corporate Debtor would either transfer its rights in a
…Default date from which…
Rs. 50 Lakhs paid in…