The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench) rejecting an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The appellant had previously filed a Section 9 application in 2017, which was withdrawn following a settlement agreement between the parties for the payment of a principal amount and interest. The corporate debtor made a payment of Rs. 1,74,16,527/- towards the principal amount and Rs. 16 Lacs towards interest. The current application was filed due to a default in the payment of the remaining interest amount.
Permali Wallace Pvt. Ltd. filed an application under Section 9 of the IBC, which was rejected by the Adjudicating Authority (NCLT, Indore Bench). An earlier Section 9 application had been withdrawn due to a settlement agreement between Permali Wallace Pvt. Ltd. and Narbada Forest Industries Pvt. Ltd. Narbada Forest Industries Pvt. Ltd. paid Rs. 1,74,16,527/- towards the principal operational debt and Rs. 16 Lacs towards interest. A dispute arose regarding the remaining interest amount of Rs. 32,00,000/- out of Rs. 48,00,000/- as per the settlement agreement. Permali Wallace Pvt. Ltd. then filed another Section 9 application to recover Rs. 1,28,00,000/- towards the interest. The Adjudicating Authority rejected this application, stating that the IBC proceeding was being
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The Appellant had filed an earlier Application…
Settlement agreement entered into between the…
The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench) rejecting an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The appellant had previously filed a Section 9 application in 2017, which was withdrawn following a settlement agreement between the parties for the payment of a principal amount and interest. The corporate debtor made a payment of Rs. 1,74,16,527/- towards the principal amount and Rs. 16 Lacs towards interest. The current application was filed due to a default in the payment of the remaining interest amount.
Permali Wallace Pvt. Ltd. filed an application under Section 9 of the IBC, which was rejected by the Adjudicating Authority (NCLT, Indore Bench). An earlier Section 9 application had been withdrawn due to a settlement agreement between Permali Wallace Pvt. Ltd. and Narbada Forest Industries Pvt. Ltd. Narbada Forest Industries Pvt. Ltd. paid Rs. 1,74,16,527/- towards the principal operational debt and Rs. 16 Lacs towards interest. A dispute arose regarding the remaining interest amount of Rs. 32,00,000/- out of Rs. 48,00,000/- as per the settlement agreement. Permali Wallace Pvt. Ltd. then filed another Section 9 application to recover Rs. 1,28,00,000/- towards the interest. The Adjudicating Authority rejected this application, stating that the IBC proceeding was being
…The Appellant had filed an earlier Application…
Settlement agreement entered into between the…