Mukeshkumar Shah Vs Synergy Food and Agro Processors Pvt Ltd (NCLT Ahmedabad)
NCLT Ahmedabad held that application under section 9 of the Insolvency and Bankruptcy Code [IBC] for initiation of Corporate Insolvency Resolution Process [CIRP] against Synergy Food and Agro Processors Private Limited [Corporate Debtor] admitted as operational debt and default thereon is admitted.
Facts- The present application has been filed by the operational creditor viz, Mr. Mukeshkumar Shah Proprietor of M/s Radhey Traders under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the Corporate Debtor namely, Synergy Food and Agro Processors Private Limited seeking thereof to initiate the Corporate Insolvency Process against the Corporate Debtor for having default of an principal amount of Rs. 1,03,01,385/-along with interest of Rs.3,46,076/- at rate of 24%.
Conclusion- Held that the applicant has supplied goods to the Corporate Debtor under duly acknowledged invoices raised between 30.07.2024 and 10.08.2024. The Corporate Debtor, in its reply to the demand notice as well as in its response to the present petition, has unequivocally admitted its liability towards the principal outstanding of Rs.1,03,01,385/-, while disputing only the claim of interest at 24% per annum. The invoices placed on record contain a stipulation regarding levy of interest in case of default. It thus stands established that the Corporate Debtor has defaulted in payment of the admitted operational debt, which is above the threshold limit of Rs.1 crore as prescribed under Section 4 of the Code. The debt fell due from 30.07.2024 and the present application, having been filed on 28.03.2025, is well within limitation.
