NWCC Supply Chain Solutions Private Limited, the operational creditor/petitioner, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Metro Cash and Carry India Pvt. Ltd, the corporate debtor/respondent. The petition claimed a default of Rs. 1,91,92,730/-. The Tribunal had previously dismissed a similar petition (CP (IB) No. 133/2022) filed by a sister concern against the same corporate debtor due to the debt amount being below the threshold limit of Rs. 1 crore mandated by the IBC. The petitioner was granted liberty to file a fresh petition in a prior order dated 24.01.2020.
NWCC Supply Chain Solutions Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC against Metro Cash and Carry India Pvt. Ltd (Corporate Debtor) claiming a default of Rs. 1,91,92,730/-. The amount included a principal debt of Rs. 72,35,714/-, interest up to 28 Feb 2022 of Rs. 1,16,92,067/-, and cost of assets of Rs. 2,64,949/-. The respondent argued that there was no agreement to pay interest or cost of assets. The agreements between the parties dated back to 2011-2014 and were terminated in 2014, with the last invoice dated 10.11.2014. The petitioner submitted that the date of default was 15.01.2016. A previous petition by a sister concern against the same corporate debtor was dismissed for not meeting the threshold limit of Rs. 1 crore.
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NWCC Supply Chain Solutions Private Limited, the operational creditor/petitioner, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Metro Cash and Carry India Pvt. Ltd, the corporate debtor/respondent. The petition claimed a default of Rs. 1,91,92,730/-. The Tribunal had previously dismissed a similar petition (CP (IB) No. 133/2022) filed by a sister concern against the same corporate debtor due to the debt amount being below the threshold limit of Rs. 1 crore mandated by the IBC. The petitioner was granted liberty to file a fresh petition in a prior order dated 24.01.2020.
NWCC Supply Chain Solutions Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC against Metro Cash and Carry India Pvt. Ltd (Corporate Debtor) claiming a default of Rs. 1,91,92,730/-. The amount included a principal debt of Rs. 72,35,714/-, interest up to 28 Feb 2022 of Rs. 1,16,92,067/-, and cost of assets of Rs. 2,64,949/-. The respondent argued that there was no agreement to pay interest or cost of assets. The agreements between the parties dated back to 2011-2014 and were terminated in 2014, with the last invoice dated 10.11.2014. The petitioner submitted that the date of default was 15.01.2016. A previous petition by a sister concern against the same corporate debtor was dismissed for not meeting the threshold limit of Rs. 1 crore.
…Agreements executed between the petitioner and…
All agreement…