The case involves a petition filed by M/s. Maheshwar Textiles, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Zapp India Ltd., the Corporate Debtor, due to its inability to pay outstanding dues. The claim is based on an arbitral award dated 2009-08-19 in favor of the Operational Creditor, directing the Corporate Debtor to pay Rs. 52,63,214 with 18% interest from 2009-08-20. Objections to the award were dismissed by the Bombay High Court on 2012-10-23. The Operational Creditor had previously filed a winding-up petition in the Rajasthan High Court, which was then converted to an IBC petition following the notification of the IBC, 2016.
M/s. Maheshwar Textiles, the Operational Creditor, filed a petition under Section 9 of the IBC against M/s. Zapp India Ltd., the Corporate Debtor, for failing to pay outstanding dues. The claim is based on an arbitral award dated 2009-08-19, which ordered the Corporate Debtor to pay Rs. 52,63,214 with 18% interest from 2009-08-20. The Corporate Debtor's objections to the award were dismissed by the Bombay High Court on 2012-10-23. The Operational Creditor had previously filed a winding-up petition in the Rajasthan High Court, which was converted to an IBC petition. The Corporate Debtor raised objections regarding the eligibility of the initially proposed IRP, Ms. Prathiba Khandelwal, citing a complaint and show cause notice. The Operational Creditor then proposed Mr.
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The case involves a petition filed by M/s. Maheshwar Textiles, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Zapp India Ltd., the Corporate Debtor, due to its inability to pay outstanding dues. The claim is based on an arbitral award dated 2009-08-19 in favor of the Operational Creditor, directing the Corporate Debtor to pay Rs. 52,63,214 with 18% interest from 2009-08-20. Objections to the award were dismissed by the Bombay High Court on 2012-10-23. The Operational Creditor had previously filed a winding-up petition in the Rajasthan High Court, which was then converted to an IBC petition following the notification of the IBC, 2016.
M/s. Maheshwar Textiles, the Operational Creditor, filed a petition under Section 9 of the IBC against M/s. Zapp India Ltd., the Corporate Debtor, for failing to pay outstanding dues. The claim is based on an arbitral award dated 2009-08-19, which ordered the Corporate Debtor to pay Rs. 52,63,214 with 18% interest from 2009-08-20. The Corporate Debtor's objections to the award were dismissed by the Bombay High Court on 2012-10-23. The Operational Creditor had previously filed a winding-up petition in the Rajasthan High Court, which was converted to an IBC petition. The Corporate Debtor raised objections regarding the eligibility of the initially proposed IRP, Ms. Prathiba Khandelwal, citing a complaint and show cause notice. The Operational Creditor then proposed Mr.
…An arbitral award was passed in favor of…
Interest on the…