The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor's counsel submitted that the order dated 24.07.2023 has been complied with, and an affidavit was filed on 23.08.2023. However, this compliance was not reflected on the e-portal of the Adjudicating Authority. The Operational Creditor's counsel also stated that costs as per the order dated 09.08.2023 were paid to 'Bharat Kosh'. The Adjudicating Authority noted that the cost was paid in the account of Hon'ble NCLAT instead of NCLT, but accepted it since the cost was paid in 'Bharat Kosh'. The Operational Creditor's counsel further submitted that as per the MSME Act, the Operational Creditor was eligible to charge interest at 16.2% per annum.
Orbit Electromech India Pvt. Ltd. filed an application against RRP Solution Private Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed compliance with an order dated 24.07.2023, filing an affidavit on 23.08.2023. Costs, as per the order dated 09.08.2023, were paid to 'Bharat Kosh' but were deposited in the account of NCLAT instead of NCLT. The Operational Creditor asserted eligibility to charge interest at 16.2% per annum under the MSME Act. However, the interest was calculated at 24% per annum in the application. The Learned Counsel for the Operational Creditor admitted that if the interest is calculated as per the MSME Act, the total claim would not meet the threshold under Section 4 of the IBC. Consequently, the
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Order dated 24.07.2023…
Affidavit filed…
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor's counsel submitted that the order dated 24.07.2023 has been complied with, and an affidavit was filed on 23.08.2023. However, this compliance was not reflected on the e-portal of the Adjudicating Authority. The Operational Creditor's counsel also stated that costs as per the order dated 09.08.2023 were paid to 'Bharat Kosh'. The Adjudicating Authority noted that the cost was paid in the account of Hon'ble NCLAT instead of NCLT, but accepted it since the cost was paid in 'Bharat Kosh'. The Operational Creditor's counsel further submitted that as per the MSME Act, the Operational Creditor was eligible to charge interest at 16.2% per annum.
Orbit Electromech India Pvt. Ltd. filed an application against RRP Solution Private Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed compliance with an order dated 24.07.2023, filing an affidavit on 23.08.2023. Costs, as per the order dated 09.08.2023, were paid to 'Bharat Kosh' but were deposited in the account of NCLAT instead of NCLT. The Operational Creditor asserted eligibility to charge interest at 16.2% per annum under the MSME Act. However, the interest was calculated at 24% per annum in the application. The Learned Counsel for the Operational Creditor admitted that if the interest is calculated as per the MSME Act, the total claim would not meet the threshold under Section 4 of the IBC. Consequently, the
…Order dated 24.07.2023…
Affidavit filed…
Sign in to view related legal provisions.