The appeal was filed against an order dated 2022-11-23, where an application under Section 7 of the IBC was rejected because it did not meet the threshold of Rs. 1 Crore. The appellant challenged the order, stating that the total debt claimed in the application under Section 7 was Rs. 1,33,68,915, which included interest. The appellant argued that the Deed of Guarantee contemplated interest, which should be considered when computing the total debt. The Adjudicating Authority only considered the principal amount and held that the application did not meet the threshold.
Netafirm Agricultural Financing Agency Pvt. Ltd. filed an appeal against the order dated 2022-11-23, passed by the Adjudicating Authority, which rejected their application under Section 7 of the Insolvency and Bankruptcy Code (IBC) on the ground that it did not meet the threshold limit of Rs. 1 Crore. Netafirm claimed that the total debt, including interest, was Rs. 1,33,68,915, exceeding the threshold. The Adjudicating Authority only considered the principal amount. Baliraja Sakhar Karkhana Ltd. is the respondent. The appellant argued that the Deed of Guarantee contemplated interest, which should be included in the total debt calculation. The respondent raised other issues, including limitation. The court noted that the copy of the application under Section 7
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The Adjudicating Authority passed an order…
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The appeal was filed against an order dated 2022-11-23, where an application under Section 7 of the IBC was rejected because it did not meet the threshold of Rs. 1 Crore. The appellant challenged the order, stating that the total debt claimed in the application under Section 7 was Rs. 1,33,68,915, which included interest. The appellant argued that the Deed of Guarantee contemplated interest, which should be considered when computing the total debt. The Adjudicating Authority only considered the principal amount and held that the application did not meet the threshold.
Netafirm Agricultural Financing Agency Pvt. Ltd. filed an appeal against the order dated 2022-11-23, passed by the Adjudicating Authority, which rejected their application under Section 7 of the Insolvency and Bankruptcy Code (IBC) on the ground that it did not meet the threshold limit of Rs. 1 Crore. Netafirm claimed that the total debt, including interest, was Rs. 1,33,68,915, exceeding the threshold. The Adjudicating Authority only considered the principal amount. Baliraja Sakhar Karkhana Ltd. is the respondent. The appellant argued that the Deed of Guarantee contemplated interest, which should be included in the total debt calculation. The respondent raised other issues, including limitation. The court noted that the copy of the application under Section 7
…The Adjudicating Authority passed an order…
The order was…