The application IB-818/ND/2021 was filed before the National Company Law Tribunal (NCLT), New Delhi. The applicant sought initiation of corporate insolvency resolution process (CIRP) against the respondent. The application was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC).
The applicant, Savvy Distributors, filed an application (IB-818/ND/2021) under Section 9 of the IBC against the respondent, Poultry Farm And Agro Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The defaulted amount claimed by the applicant was Rs. 22,45,155.46 paise, which included a principal amount of Rs. 15,18,536 and an interest amount of Rs. 7,26,619.46 paise. The NCLT considered the threshold limit for application under Section 7, 9, or 10 of the IBC, which is Rs. one crore. Since the defaulted amount was less than the threshold, the application was dismissed.
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The order was delivered…
The application IB-818/ND/2021 was filed before the National Company Law Tribunal (NCLT), New Delhi. The applicant sought initiation of corporate insolvency resolution process (CIRP) against the respondent. The application was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC).
The applicant, Savvy Distributors, filed an application (IB-818/ND/2021) under Section 9 of the IBC against the respondent, Poultry Farm And Agro Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The defaulted amount claimed by the applicant was Rs. 22,45,155.46 paise, which included a principal amount of Rs. 15,18,536 and an interest amount of Rs. 7,26,619.46 paise. The NCLT considered the threshold limit for application under Section 7, 9, or 10 of the IBC, which is Rs. one crore. Since the defaulted amount was less than the threshold, the application was dismissed.
The order was delivered…