The case involves an appeal against the admission of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Adjudicating Authority. Lark Chemicals Pvt. Ltd. (Operational Creditor) filed the application against Goa Antibiotics & Pharmaceuticals Limited (Corporate Debtor) alleging default in repayment of a principal amount of Rs. 1,11,30,063 along with interest. The Adjudicating Authority admitted the application and declared a moratorium. The Corporate Debtor appealed against this order.
Lark Chemicals Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Goa Antibiotics & Pharmaceuticals Limited (Corporate Debtor), alleging default in repayment of a principal amount of Rs. 1,11,30,063 along with interest of Rs. 4,38,00,611 calculated at 30% per annum until May 10, 2017. The Corporate Debtor allegedly committed default from November 25, 1998. The demand notice under Section 8(1) of the IBC was issued by a legal firm, Dhruve Liladhar & Co., on behalf of the Operational Creditor. The Adjudicating Authority admitted the application, declared a moratorium, and initiated the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor appealed against this order, arguing
…Sign in to view the parties.
Corporate Debtor…
M/s. Goa antibiotics & Pharmaceuticals Ltd. was…
The case involves an appeal against the admission of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Adjudicating Authority. Lark Chemicals Pvt. Ltd. (Operational Creditor) filed the application against Goa Antibiotics & Pharmaceuticals Limited (Corporate Debtor) alleging default in repayment of a principal amount of Rs. 1,11,30,063 along with interest. The Adjudicating Authority admitted the application and declared a moratorium. The Corporate Debtor appealed against this order.
Lark Chemicals Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Goa Antibiotics & Pharmaceuticals Limited (Corporate Debtor), alleging default in repayment of a principal amount of Rs. 1,11,30,063 along with interest of Rs. 4,38,00,611 calculated at 30% per annum until May 10, 2017. The Corporate Debtor allegedly committed default from November 25, 1998. The demand notice under Section 8(1) of the IBC was issued by a legal firm, Dhruve Liladhar & Co., on behalf of the Operational Creditor. The Adjudicating Authority admitted the application, declared a moratorium, and initiated the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor appealed against this order, arguing
…Corporate Debtor…
M/s. Goa antibiotics & Pharmaceuticals Ltd. was…