M/s Wellnex Global Services India LLP, the operational creditor, filed an application on June 22, 2023, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application sought to initiate the Corporate Insolvency Resolution Process against M/s. Pacer Secure Services Limited, the corporate debtor, for a default in payment. The operational creditor claimed an outstanding amount of INR 1,67,40,000/-, comprising a principal amount of INR 1,35,18,375/- and interest at 24% per annum from November 1, 2022, to February 25, 2023. The Tribunal noted that while the interest calculation appeared incorrect, the principal amount itself exceeded the threshold of INR 1

M/s Wellnex Global Services India LLP, the operational creditor, filed an application on June 22, 2023, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application sought to initiate the Corporate Insolvency Resolution Process against M/s. Pacer Secure Services Limited, the corporate debtor, for a default in payment. The operational creditor claimed an outstanding amount of INR 1,67,40,000/-, comprising a principal amount of INR 1,35,18,375/- and interest at 24% per annum from November 1, 2022, to February 25, 2023. The Tribunal noted that while the interest calculation appeared incorrect, the principal amount itself exceeded the threshold of INR 1