NCLT Ahmedabad Admits Synergy Food into Corporate Insolvency for Default on Operational Debt

Mukeshkumar Shah Proprietor of M/s. Radhey Traders Vs Synergy Food And Agro Processors Private Limited (NCLT Ahmedabad) Background:The present case involves an application filed by Mukeshkumar Shah, Proprietor of M/s Radhey Traders, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Synergy Food and Agro Processors Private Limited. The operational creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor for default of a principal amount of Rs. 1,03,01,385 along with interest of Rs. 3,46,076 at a rate of 24% per annum. ...