This case involves an appeal against the order dated 20.12.2019 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted an application filed by National Agriculture Co-operative Marketing Federation of India Ltd. (NAFED), the Operational Creditor, against Umarai Worldwide Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The dispute arose from a Leave and Licence Agreement for the usage of cold storage facilities.
NAFED and Umarai Worldwide Private Limited entered into a Leave and Licence Agreement on 01.10.2015 for cold storage facilities for three years. The agreement stipulated a monthly license fee of Rs. 9,31,000 with a 10% increase after 12 months and a 21% p.a. interest on delayed payments. Umarai defaulted on payments from September 2017, leading to an outstanding amount of Rs. 2,14,14,560. NAFED issued a demand notice on 26.09.2018 under Section 8 of the I&B Code for Rs. 1,83,45,278. Umarai denied the claims on 10.11.2018 and sought renewal of the agreement. NCLT admitted NAFED's application, leading to Umarai's appeal. Umarai argued that the debt was for a period after the agreement's termination, a pre-existing dispute existed, and the NCLT passed an ex-parte
…Sign in to view the parties.
NAFED and Umarai Worldwide Private Limited…
Umarai Worldwide…
This case involves an appeal against the order dated 20.12.2019 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted an application filed by National Agriculture Co-operative Marketing Federation of India Ltd. (NAFED), the Operational Creditor, against Umarai Worldwide Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The dispute arose from a Leave and Licence Agreement for the usage of cold storage facilities.
NAFED and Umarai Worldwide Private Limited entered into a Leave and Licence Agreement on 01.10.2015 for cold storage facilities for three years. The agreement stipulated a monthly license fee of Rs. 9,31,000 with a 10% increase after 12 months and a 21% p.a. interest on delayed payments. Umarai defaulted on payments from September 2017, leading to an outstanding amount of Rs. 2,14,14,560. NAFED issued a demand notice on 26.09.2018 under Section 8 of the I&B Code for Rs. 1,83,45,278. Umarai denied the claims on 10.11.2018 and sought renewal of the agreement. NCLT admitted NAFED's application, leading to Umarai's appeal. Umarai argued that the debt was for a period after the agreement's termination, a pre-existing dispute existed, and the NCLT passed an ex-parte
…NAFED and Umarai Worldwide Private Limited…
Umarai Worldwide…