The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Swastik Pipe Ltd (Applicant/Operational Creditor) against Clearplus India Pvt Ltd (Respondent). The Applicant sought an adjournment, which was rejected. The court examined the maintainability of the application, considering the amount claimed was below the minimum threshold prescribed under Section 4 of the IBC. The Petitioner admitted to receiving Rs. 92,000 from the Corporate Debtor.
Swastik Pipe Ltd filed an application under Section 9 of the IBC against Clearplus India Pvt Ltd. The applicant sought an adjournment, which was rejected by the court. The Petitioner admitted to receiving Rs. 92,000 from the Corporate Debtor. The defaulted amount mentioned in part IV of the application is Rs. 97,740 as principal amount and Rs. 40,911 as interest, totalling Rs.1,38,651. The principal amount has already been accepted by the Petitioner/Operational Creditor. The court noted that the interest amount claimed by the applicant is Rs. 40,911, whereas the minimum threshold is Rs. 1,00,000 as per Section 4 of the IBC, 2016.
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The Respondent's counsel referred to the…
The court delivered the…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Swastik Pipe Ltd (Applicant/Operational Creditor) against Clearplus India Pvt Ltd (Respondent). The Applicant sought an adjournment, which was rejected. The court examined the maintainability of the application, considering the amount claimed was below the minimum threshold prescribed under Section 4 of the IBC. The Petitioner admitted to receiving Rs. 92,000 from the Corporate Debtor.
Swastik Pipe Ltd filed an application under Section 9 of the IBC against Clearplus India Pvt Ltd. The applicant sought an adjournment, which was rejected by the court. The Petitioner admitted to receiving Rs. 92,000 from the Corporate Debtor. The defaulted amount mentioned in part IV of the application is Rs. 97,740 as principal amount and Rs. 40,911 as interest, totalling Rs.1,38,651. The principal amount has already been accepted by the Petitioner/Operational Creditor. The court noted that the interest amount claimed by the applicant is Rs. 40,911, whereas the minimum threshold is Rs. 1,00,000 as per Section 4 of the IBC, 2016.
The Respondent's counsel referred to the…
The court delivered the…