The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Sidharth Nayyar, Proprietor of Woolways Exports (Operational Creditor), against S.Nanda Industries Private Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on a loan amount of ₹2,00,00,000/- advanced by the operational creditor. A Memorandum of Understanding (MOU) was executed between the parties on 29.03.2013, wherein it was agreed that the amount would be adjusted against the purchase of goods from the Corporate Debtor. It was also agreed that if any balance amount remained, it should be settled on or before 31.03.2018, failing which the Corporate Debtor
…Sidharth Nayyar, Proprietor of Woolways Exports, advanced a loan of ₹2,00,00,000 to S.Nanda Industries Private Ltd. A Memorandum of Understanding (MOU) dated 29.03.2013 stipulated that this amount would be adjusted against future purchases from S.Nanda Industries. The MOU further stated that any remaining balance should be settled by 31.03.2018, with a 12% interest applicable from 01.04.2018 on any outstanding amount. S.Nanda Industries failed to make the payment, leading to arbitration. An arbitration award dated 13.02.2020 directed S.Nanda Industries to pay the amount due. A demand notice in Form 3 was served on S.Nanda Industries on 13.08.2020, demanding ₹1,49,17,356, which included ₹32,63,172 as interest. S.Nanda Industries received the demand notice but failed to
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MOU signed between Woolways Exports and…
Agreed deadline for…
The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Sidharth Nayyar, Proprietor of Woolways Exports (Operational Creditor), against S.Nanda Industries Private Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on a loan amount of ₹2,00,00,000/- advanced by the operational creditor. A Memorandum of Understanding (MOU) was executed between the parties on 29.03.2013, wherein it was agreed that the amount would be adjusted against the purchase of goods from the Corporate Debtor. It was also agreed that if any balance amount remained, it should be settled on or before 31.03.2018, failing which the Corporate Debtor
…Sidharth Nayyar, Proprietor of Woolways Exports, advanced a loan of ₹2,00,00,000 to S.Nanda Industries Private Ltd. A Memorandum of Understanding (MOU) dated 29.03.2013 stipulated that this amount would be adjusted against future purchases from S.Nanda Industries. The MOU further stated that any remaining balance should be settled by 31.03.2018, with a 12% interest applicable from 01.04.2018 on any outstanding amount. S.Nanda Industries failed to make the payment, leading to arbitration. An arbitration award dated 13.02.2020 directed S.Nanda Industries to pay the amount due. A demand notice in Form 3 was served on S.Nanda Industries on 13.08.2020, demanding ₹1,49,17,356, which included ₹32,63,172 as interest. S.Nanda Industries received the demand notice but failed to
…MOU signed between Woolways Exports and…
Agreed deadline for…