The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by M/s. National Agriculture Cooperative Marketing Federation Limited (NAFED), the Financial Creditor, against M/s. Synergy Petro Products Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The application is based on the Corporate Debtor's alleged default in repaying an arbitral award dated 10.07.2019. The Corporate Debtor raised preliminary objections, contending that the Applicant does not fall under the definition of Financial Creditor and that there is no existence of Financial Debt as defined under the Code. The arbitral award was based on a rental agreement dated 17.08.2005 and 03.07.2006, where the Corporate
…M/s. National Agriculture Cooperative Marketing Federation Limited (NAFED) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Synergy Petro Products Private Limited. The basis for the application was an arbitral award dated 10.07.2019, which allegedly remained unpaid by the Corporate Debtor. The arbitral award was related to a rental agreement dated 17.08.2005 and 03.07.2006, where the Corporate Debtor was granted a plot of land for business purposes and was obligated to pay a monthly license fee. The Corporate Debtor allegedly defaulted on these payments from April 2007 onwards, leading to the arbitral dispute. The arbitral award stipulated that the Corporate Debtor
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The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by M/s. National Agriculture Cooperative Marketing Federation Limited (NAFED), the Financial Creditor, against M/s. Synergy Petro Products Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The application is based on the Corporate Debtor's alleged default in repaying an arbitral award dated 10.07.2019. The Corporate Debtor raised preliminary objections, contending that the Applicant does not fall under the definition of Financial Creditor and that there is no existence of Financial Debt as defined under the Code. The arbitral award was based on a rental agreement dated 17.08.2005 and 03.07.2006, where the Corporate
…M/s. National Agriculture Cooperative Marketing Federation Limited (NAFED) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Synergy Petro Products Private Limited. The basis for the application was an arbitral award dated 10.07.2019, which allegedly remained unpaid by the Corporate Debtor. The arbitral award was related to a rental agreement dated 17.08.2005 and 03.07.2006, where the Corporate Debtor was granted a plot of land for business purposes and was obligated to pay a monthly license fee. The Corporate Debtor allegedly defaulted on these payments from April 2007 onwards, leading to the arbitral dispute. The arbitral award stipulated that the Corporate Debtor
…Date of the initial rental agreement between…
Date of a subsequent…
Sign in to view related legal provisions.