This appeal was filed by an ex-director of the Corporate Debtor (Aryan Ispat & Power Pvt. Ltd.) to challenge the order dated 22.03.2024 passed by the National Company Law Tribunal (NCLT), New Delhi. The NCLT admitted an application filed by the Operational Creditor (Agarwal Coal Corporation Private Ltd.) under Section 9 of the Insolvency and Bankruptcy Code, 2016, regarding unpaid operational debt. The Operational Creditor claimed an amount of Rs. 6,13,48,161.98, including principal and interest. The Corporate Debtor had already paid Rs. 4,97,22,461.16 towards the principal amount. The dispute centered around the remaining amount of Rs. 1,16,25,700.82, which the Operational Creditor claimed as interest based on a clause in the invoice.
The Corporate Debtor, Aryan Ispat & Power Pvt. Ltd., faced an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by the Operational Creditor, Agarwal Coal Corporation Private Ltd., for an amount of Rs. 6,13,48,161.98. This amount included Rs. 4,97,22,461.16 towards the principal and Rs. 1,16,25,700.82 towards interest. The Operational Creditor sent a demand notice to the Corporate Debtor on 05.07.2023, which was replied by the Corporate Debtor on 20.07.2023, contesting the amount demanded. During the pendency of the proceedings, the Corporate Debtor paid Rs. 4,97,22,461.16 and sent an email to the Operational Creditor on 31.01.2024, informing them of the payment and requesting withdrawal of the petition. The ledger account of the
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This appeal was filed by an ex-director of the Corporate Debtor (Aryan Ispat & Power Pvt. Ltd.) to challenge the order dated 22.03.2024 passed by the National Company Law Tribunal (NCLT), New Delhi. The NCLT admitted an application filed by the Operational Creditor (Agarwal Coal Corporation Private Ltd.) under Section 9 of the Insolvency and Bankruptcy Code, 2016, regarding unpaid operational debt. The Operational Creditor claimed an amount of Rs. 6,13,48,161.98, including principal and interest. The Corporate Debtor had already paid Rs. 4,97,22,461.16 towards the principal amount. The dispute centered around the remaining amount of Rs. 1,16,25,700.82, which the Operational Creditor claimed as interest based on a clause in the invoice.
The Corporate Debtor, Aryan Ispat & Power Pvt. Ltd., faced an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by the Operational Creditor, Agarwal Coal Corporation Private Ltd., for an amount of Rs. 6,13,48,161.98. This amount included Rs. 4,97,22,461.16 towards the principal and Rs. 1,16,25,700.82 towards interest. The Operational Creditor sent a demand notice to the Corporate Debtor on 05.07.2023, which was replied by the Corporate Debtor on 20.07.2023, contesting the amount demanded. During the pendency of the proceedings, the Corporate Debtor paid Rs. 4,97,22,461.16 and sent an email to the Operational Creditor on 31.01.2024, informing them of the payment and requesting withdrawal of the petition. The ledger account of the
…The Operational…
The Corporate Debtor…