The case involves an application (IA/555/IB/2020) to reopen IBA/1352/2019, filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, due to default in payment by the Corporate Debtor. The Applicant, Sakthi Containers Private Limited, is an Operational Creditor with a claim of Rs.53,09,980/-. A Joint Memorandum of Compromise was filed, where the Corporate Debtor paid Rs.9,27,500/-. Post-dated cheques were issued for the remaining installments, but the Applicant reserved the right to reopen IBA/1352/2019 if the cheques were dishonored. The Tribunal had previously disposed of the matter as withdrawn with liberty on 2020-03-17. The Applicant filed the present application because the cheques issued by the Corporate Debtor were dishonored.
Sakthi Containers Private Limited (Applicant) filed IBA/1352/2019 against Bnazrum Agro Exports Limited (Corporate Debtor) under Section 9 of the IBC, claiming Rs.53,09,980/-. A Joint Memorandum of Compromise was filed, and the Corporate Debtor paid Rs.9,27,500/- via RTGS on 2020-03-11. Post-dated cheques were issued for the remaining installments from April to August 2020, with a clause allowing the Applicant to reopen IBA/1352/2019 if the cheques were dishonored. The Tribunal initially disposed of the matter as withdrawn with liberty on 2020-03-17. The Applicant then filed IA/555/IB/2020 to reopen IBA/1352/2019 because the Corporate Debtor's cheques were dishonored. The Corporate Debtor contended that they had already paid two installments and that the default amount
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Section 9 appl…
The Corporate Debtor…
The case involves an application (IA/555/IB/2020) to reopen IBA/1352/2019, filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, due to default in payment by the Corporate Debtor. The Applicant, Sakthi Containers Private Limited, is an Operational Creditor with a claim of Rs.53,09,980/-. A Joint Memorandum of Compromise was filed, where the Corporate Debtor paid Rs.9,27,500/-. Post-dated cheques were issued for the remaining installments, but the Applicant reserved the right to reopen IBA/1352/2019 if the cheques were dishonored. The Tribunal had previously disposed of the matter as withdrawn with liberty on 2020-03-17. The Applicant filed the present application because the cheques issued by the Corporate Debtor were dishonored.
Sakthi Containers Private Limited (Applicant) filed IBA/1352/2019 against Bnazrum Agro Exports Limited (Corporate Debtor) under Section 9 of the IBC, claiming Rs.53,09,980/-. A Joint Memorandum of Compromise was filed, and the Corporate Debtor paid Rs.9,27,500/- via RTGS on 2020-03-11. Post-dated cheques were issued for the remaining installments from April to August 2020, with a clause allowing the Applicant to reopen IBA/1352/2019 if the cheques were dishonored. The Tribunal initially disposed of the matter as withdrawn with liberty on 2020-03-17. The Applicant then filed IA/555/IB/2020 to reopen IBA/1352/2019 because the Corporate Debtor's cheques were dishonored. The Corporate Debtor contended that they had already paid two installments and that the default amount
…Section 9 appl…
The Corporate Debtor…