The case involves an appeal against an order dated 20.05.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench-1, Kolkataby, which admitted an application filed by the Respondent – Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was filed for claiming a debt of Rs. 25,77,322/-. The Appellant's counsel stated that they could not appear before the Adjudicating Authority for several days and that there was correspondence regarding settlement of accounts and admission of the debt. The Appellant expressed readiness to submit the entire claimed amount. The court initially directed that the IRP should not constitute the CoC and allowed the Corporate Debtor to continue as a going concern.
Tapan Kumar Agarwala & Anr. filed an appeal against Khaitan Rice Mill Pvt. Ltd. & Anr. concerning an order dated 20.05.2022 by the Adjudicating Authority, Kolkata, which admitted an application under Section 9 of the IBC filed by Khaitan Rice Mill for a debt of Rs. 25,77,322/-. The appellant's counsel cited correspondence regarding settlement and readiness to pay the debt. The court initially directed that the IRP not constitute the CoC and allowed the Corporate Debtor to continue as a going concern. Subsequently, the Operational Creditor was permitted to withdraw the application under Section 9 after the entire debt was paid. The appellant was directed to pay an additional Rs.1.5 Lakh to the IRP towards expenses.
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The Adjudicating Authority (National Company…
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The case involves an appeal against an order dated 20.05.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench-1, Kolkataby, which admitted an application filed by the Respondent – Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was filed for claiming a debt of Rs. 25,77,322/-. The Appellant's counsel stated that they could not appear before the Adjudicating Authority for several days and that there was correspondence regarding settlement of accounts and admission of the debt. The Appellant expressed readiness to submit the entire claimed amount. The court initially directed that the IRP should not constitute the CoC and allowed the Corporate Debtor to continue as a going concern.
Tapan Kumar Agarwala & Anr. filed an appeal against Khaitan Rice Mill Pvt. Ltd. & Anr. concerning an order dated 20.05.2022 by the Adjudicating Authority, Kolkata, which admitted an application under Section 9 of the IBC filed by Khaitan Rice Mill for a debt of Rs. 25,77,322/-. The appellant's counsel cited correspondence regarding settlement and readiness to pay the debt. The court initially directed that the IRP not constitute the CoC and allowed the Corporate Debtor to continue as a going concern. Subsequently, the Operational Creditor was permitted to withdraw the application under Section 9 after the entire debt was paid. The appellant was directed to pay an additional Rs.1.5 Lakh to the IRP towards expenses.
The Adjudicating Authority (National Company…
Appeal was first heard,…
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