The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The applicant sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the respondent, Poultry Farm And Agro Ltd., based on a defaulted amount.
Savvy Distributors filed an application under Section 9 of the IBC against Poultry Farm And Agro Ltd. The claimed defaulted amount was Rs. 22,45,155.46 paise, including a principal amount of Rs. 15,18,536 and an interest amount of Rs. 7,26,619.46 paise. The court noted that the minimum threshold limit for application under Section 7, 9, or 10 of the IBC is Rs one crore. Because the defaulted amount was less than one crore, the application was deemed not maintainable.
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The order was delivered, dismissing the…
The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The applicant sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the respondent, Poultry Farm And Agro Ltd., based on a defaulted amount.
Savvy Distributors filed an application under Section 9 of the IBC against Poultry Farm And Agro Ltd. The claimed defaulted amount was Rs. 22,45,155.46 paise, including a principal amount of Rs. 15,18,536 and an interest amount of Rs. 7,26,619.46 paise. The court noted that the minimum threshold limit for application under Section 7, 9, or 10 of the IBC is Rs one crore. Because the defaulted amount was less than one crore, the application was deemed not maintainable.
The order was delivered, dismissing the…