The appeal was filed against the order dated 27.09.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Special Bench-II, Chennai) which dismissed an application filed by the Appellant (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor. This case involves a second round of litigation. The Appellant had initially sent a demand notice under Section 8 of the Code on 03.02.2020, followed by an application under Section 9 bearing IBA/608/2020 for Rs. 2,57,00,817/-. A settlement agreement was entered on 02.10.2021, where the Corporate Debtor agreed to pay Rs. 1,60,94,701/-. The first petition IBA/608/2020 was dismissed on 04.10.2021 after a settlement was reached between the parties.
Xicon International Limited (Appellant/Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against VA Tech Wabag Limited (Respondent/Corporate Debtor). The initial application IBA/608/2020 was dismissed on 04.10.2021 due to a settlement agreement dated 02.10.2021 where the Corporate Debtor agreed to pay Rs. 1,60,94,701/-. The Appellant claimed the Respondent defaulted on payments, specifically the 5th and 6th tranches, leading to a fresh application under Section 9. The Respondent made payments totaling Rs. 1,06,00,000/- in installments between 04.10.2021 and 05.05.2022. The Appellant sent a demand notice on 30.09.2022, and the Respondent replied on 08.10.2022. The Appellant then filed a petition for Rs. 1,63,96,590/-,
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The appeal was filed against the order dated 27.09.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Special Bench-II, Chennai) which dismissed an application filed by the Appellant (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor. This case involves a second round of litigation. The Appellant had initially sent a demand notice under Section 8 of the Code on 03.02.2020, followed by an application under Section 9 bearing IBA/608/2020 for Rs. 2,57,00,817/-. A settlement agreement was entered on 02.10.2021, where the Corporate Debtor agreed to pay Rs. 1,60,94,701/-. The first petition IBA/608/2020 was dismissed on 04.10.2021 after a settlement was reached between the parties.
Xicon International Limited (Appellant/Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against VA Tech Wabag Limited (Respondent/Corporate Debtor). The initial application IBA/608/2020 was dismissed on 04.10.2021 due to a settlement agreement dated 02.10.2021 where the Corporate Debtor agreed to pay Rs. 1,60,94,701/-. The Appellant claimed the Respondent defaulted on payments, specifically the 5th and 6th tranches, leading to a fresh application under Section 9. The Respondent made payments totaling Rs. 1,06,00,000/- in installments between 04.10.2021 and 05.05.2022. The Appellant sent a demand notice on 30.09.2022, and the Respondent replied on 08.10.2022. The Appellant then filed a petition for Rs. 1,63,96,590/-,
…Appellant sent a demand…
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