The case involves an application filed by Shah Paper Mills Ltd. (Operational Creditor) against Shree Rama Newsprint & Papers Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) due to an outstanding amount of Rs. 55,23,253/- along with 18% interest. The Adjudicating Authority initially rejected the application due to a dispute regarding the payable amount. An appeal was filed by the Operational Creditor, which was allowed by NCLAT, setting aside the initial order and directing the Adjudicating Authority to reconsider the application. The Corporate Debtor attempted to pay the principal amount, but the Operational Creditor returned the payment, seeking interest as well.
…Shah Paper Mills Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shree Rama Newsprint & Papers Ltd. (Corporate Debtor) for an outstanding amount of Rs. 55,23,253/- with 18% interest. The Adjudicating Authority initially rejected the application on 2022-07-20 due to a dispute about the actual amount payable. The Operational Creditor appealed, and NCLAT allowed the appeal on 2022-12-21, setting aside the Adjudicating Authority's order and directing reconsideration. The Corporate Debtor attempted to pay the principal amount by sending demand drafts and later transferring the amount via RTGS on 2023-01-16, but the Operational Creditor returned the payments. The Corporate Debtor then filed I.A. No.
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Shah Paper Mills Ltd. filed an application…
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The case involves an application filed by Shah Paper Mills Ltd. (Operational Creditor) against Shree Rama Newsprint & Papers Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) due to an outstanding amount of Rs. 55,23,253/- along with 18% interest. The Adjudicating Authority initially rejected the application due to a dispute regarding the payable amount. An appeal was filed by the Operational Creditor, which was allowed by NCLAT, setting aside the initial order and directing the Adjudicating Authority to reconsider the application. The Corporate Debtor attempted to pay the principal amount, but the Operational Creditor returned the payment, seeking interest as well.
…Shah Paper Mills Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shree Rama Newsprint & Papers Ltd. (Corporate Debtor) for an outstanding amount of Rs. 55,23,253/- with 18% interest. The Adjudicating Authority initially rejected the application on 2022-07-20 due to a dispute about the actual amount payable. The Operational Creditor appealed, and NCLAT allowed the appeal on 2022-12-21, setting aside the Adjudicating Authority's order and directing reconsideration. The Corporate Debtor attempted to pay the principal amount by sending demand drafts and later transferring the amount via RTGS on 2023-01-16, but the Operational Creditor returned the payments. The Corporate Debtor then filed I.A. No.
…Shah Paper Mills Ltd. filed an application…
The Adjudicating Authority rejected the…
Sign in to view related legal provisions.