The case involves an appeal against an order passed by the Adjudicating Authority admitting a Section 9 application filed by the Operational Creditor. The Appellant had offered to deposit a principal amount of Rs. 89,15,441 before the Registrar, which they did. The Appellant also offered to pay reasonable interest to the Operational Creditor.
The Operational Creditor filed a Section 9 application, which was admitted by the Adjudicating Authority. The Appellant appealed this decision. The Appellant offered to deposit Rs. 89,15,441 as the principal amount, which was accepted and deposited. The Appellant also offered to pay reasonable interest. Subsequently, both parties agreed that the Appellant would pay Rs. 14 Lakhs to the Respondent (Operational Creditor) towards interest and Rs. 2 Lakhs to the IRP. The court then ordered the release of the initially deposited amount to the Operational Creditor and closed the CIRP.
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Order was passed in this Appeal where Appellant…
Court heard the counsel for the parties. Both…
The case involves an appeal against an order passed by the Adjudicating Authority admitting a Section 9 application filed by the Operational Creditor. The Appellant had offered to deposit a principal amount of Rs. 89,15,441 before the Registrar, which they did. The Appellant also offered to pay reasonable interest to the Operational Creditor.
The Operational Creditor filed a Section 9 application, which was admitted by the Adjudicating Authority. The Appellant appealed this decision. The Appellant offered to deposit Rs. 89,15,441 as the principal amount, which was accepted and deposited. The Appellant also offered to pay reasonable interest. Subsequently, both parties agreed that the Appellant would pay Rs. 14 Lakhs to the Respondent (Operational Creditor) towards interest and Rs. 2 Lakhs to the IRP. The court then ordered the release of the initially deposited amount to the Operational Creditor and closed the CIRP.
Order was passed in this Appeal where Appellant…
Court heard the counsel for the parties. Both…