The appeal was filed under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) by National Agriculture Cooperative Marketing Federation Limited (NAFED) against an order dated 31.05.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi) in C.P. (IB) No. 1106(PB)/2020. NAFED had filed an application under Section 7 of the IBC for initiation of Corporate Insolvency Resolution Process (CIRP) against Synergy Petro Products Private Limited, the Corporate Debtor, based on a default in repaying an Arbitral Award dated 10.07.2019. The Adjudicating Authority dismissed NAFED's application, leading to the present appeal.
National Agriculture Cooperative Marketing Federation Limited (NAFED) and Synergy Petro Products Private Limited entered into a leave and license agreement dated 17.08.2005, later substituted by an agreement dated 03.07.2006, for a property owned by NAFED. Synergy Petro Products Private Limited was to pay a monthly license fee. Synergy Petro Products Private Limited defaulted on payments from April 2007 onwards. An arbitral dispute arose, culminating in an Arbitral Award dated 10.07.2019, ordering Synergy Petro Products Private Limited to pay Rs. 55,37,797/- plus interest. Despite the award, Synergy Petro Products Private Limited failed to make the payment. NAFED filed an application under Section 7 of the IBC to initiate CIRP, claiming to be a financial creditor based
…Sign in to view the parties.
Initial leave and license agreement executed…
The initial leave and…
The appeal was filed under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) by National Agriculture Cooperative Marketing Federation Limited (NAFED) against an order dated 31.05.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi) in C.P. (IB) No. 1106(PB)/2020. NAFED had filed an application under Section 7 of the IBC for initiation of Corporate Insolvency Resolution Process (CIRP) against Synergy Petro Products Private Limited, the Corporate Debtor, based on a default in repaying an Arbitral Award dated 10.07.2019. The Adjudicating Authority dismissed NAFED's application, leading to the present appeal.
National Agriculture Cooperative Marketing Federation Limited (NAFED) and Synergy Petro Products Private Limited entered into a leave and license agreement dated 17.08.2005, later substituted by an agreement dated 03.07.2006, for a property owned by NAFED. Synergy Petro Products Private Limited was to pay a monthly license fee. Synergy Petro Products Private Limited defaulted on payments from April 2007 onwards. An arbitral dispute arose, culminating in an Arbitral Award dated 10.07.2019, ordering Synergy Petro Products Private Limited to pay Rs. 55,37,797/- plus interest. Despite the award, Synergy Petro Products Private Limited failed to make the payment. NAFED filed an application under Section 7 of the IBC to initiate CIRP, claiming to be a financial creditor based
…Initial leave and license agreement executed…
The initial leave and…