This is a Company Appeal (AT) (Insolvency) No. 1282 of 2024 filed against an order dated 04.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench) which rejected the Section 9 Application filed by the Appellant. The Appellant, claiming to be the Operational Creditor, filed a Section 9 Application against the Corporate Debtor for an amount of Rs. 2,45,57,000/- including interest. The Adjudicating Authority issued a notice, and the Corporate Debtor filed a reply, bringing a Settlement Agreement dated 14.09.2022 on record, agreeing to a payment of Rs. 51,88,086/- after reconciliation. The Adjudicating Authority took the view that the amount due was less than Rs. 1,00,00,000/- and dismissed the application.
RB Assets & Developers Pvt. Ltd. (Appellant) filed a Section 9 application against B.P. Food Products Pvt. Ltd. (Corporate Debtor) claiming Rs. 2,45,57,000/-. The Adjudicating Authority rejected the application because the amount due was less than Rs. 1,00,00,000/-, based on a Settlement Agreement. The Settlement Agreement, dated 14.09.2022, stated that the Corporate Debtor would pay Rs. 51,88,086/- after reconciliation. The Appellant claimed the Settlement Agreement was breached due to non-payment, and the actual amount due was Rs. 1,87,59,203/-. The Corporate Debtor issued a Notice of Dispute on 08.05.2023, claiming reconciliation issues and inferior quality of supplies. The Notice of Dispute also mentioned a payment of Rs. 2,00,000/- made on 19th April 2023,
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Settlement Agreement between the parties was…
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This is a Company Appeal (AT) (Insolvency) No. 1282 of 2024 filed against an order dated 04.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench) which rejected the Section 9 Application filed by the Appellant. The Appellant, claiming to be the Operational Creditor, filed a Section 9 Application against the Corporate Debtor for an amount of Rs. 2,45,57,000/- including interest. The Adjudicating Authority issued a notice, and the Corporate Debtor filed a reply, bringing a Settlement Agreement dated 14.09.2022 on record, agreeing to a payment of Rs. 51,88,086/- after reconciliation. The Adjudicating Authority took the view that the amount due was less than Rs. 1,00,00,000/- and dismissed the application.
RB Assets & Developers Pvt. Ltd. (Appellant) filed a Section 9 application against B.P. Food Products Pvt. Ltd. (Corporate Debtor) claiming Rs. 2,45,57,000/-. The Adjudicating Authority rejected the application because the amount due was less than Rs. 1,00,00,000/-, based on a Settlement Agreement. The Settlement Agreement, dated 14.09.2022, stated that the Corporate Debtor would pay Rs. 51,88,086/- after reconciliation. The Appellant claimed the Settlement Agreement was breached due to non-payment, and the actual amount due was Rs. 1,87,59,203/-. The Corporate Debtor issued a Notice of Dispute on 08.05.2023, claiming reconciliation issues and inferior quality of supplies. The Notice of Dispute also mentioned a payment of Rs. 2,00,000/- made on 19th April 2023,
…Settlement Agreement between the parties was…
B.P. Food Products Pvt.…
Sign in to view related legal provisions.