The case involves an application filed by Permali Wallace Pvt Ltd (Operational Creditor) against Narbada Forest Industries Pvt Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The claim pertains to a default in payment of interest amounting to Rs 1,28,82,040/- on an original operational debt of Rs 1,74,16,527/-. Previously, a similar application was filed and withdrawn based on a settlement agreement. The Corporate Debtor has already paid the principal operational debt and a portion of the interest (Rs 16 Lakhs).
Permali Wallace Pvt Ltd (Operational Creditor) filed an application under Section 9 of the IBC against Narbada Forest Industries Pvt Ltd (Corporate Debtor) for default in payment of interest. The original operational debt was Rs 1,74,16,527/-, and the claimed interest was Rs 1,28,82,040/-. A prior application under Section 9 was withdrawn due to a settlement agreement. The Corporate Debtor paid the principal amount of Rs 1,74,16,527/- and Rs 16 Lakhs towards interest. The Operational Creditor claimed a breach of the settlement agreement, seeking the remaining interest. The Corporate Debtor argued that the entire debt amount was paid and the application was a misuse of the IBC. The settlement agreement, dated 07.11.2017, was central to the dispute. The invoices
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Settlement agreement…
Operational Creditor withdrew the previous…
The case involves an application filed by Permali Wallace Pvt Ltd (Operational Creditor) against Narbada Forest Industries Pvt Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The claim pertains to a default in payment of interest amounting to Rs 1,28,82,040/- on an original operational debt of Rs 1,74,16,527/-. Previously, a similar application was filed and withdrawn based on a settlement agreement. The Corporate Debtor has already paid the principal operational debt and a portion of the interest (Rs 16 Lakhs).
Permali Wallace Pvt Ltd (Operational Creditor) filed an application under Section 9 of the IBC against Narbada Forest Industries Pvt Ltd (Corporate Debtor) for default in payment of interest. The original operational debt was Rs 1,74,16,527/-, and the claimed interest was Rs 1,28,82,040/-. A prior application under Section 9 was withdrawn due to a settlement agreement. The Corporate Debtor paid the principal amount of Rs 1,74,16,527/- and Rs 16 Lakhs towards interest. The Operational Creditor claimed a breach of the settlement agreement, seeking the remaining interest. The Corporate Debtor argued that the entire debt amount was paid and the application was a misuse of the IBC. The settlement agreement, dated 07.11.2017, was central to the dispute. The invoices
…Settlement agreement…
Operational Creditor withdrew the previous…