Whether after payment of principal amount through settlement during the pendency of the petition, the Petition under Section 9 of IBC, is maintainable for the balance interest amount? – SNJ Synthetics Ltd. Vs. PepsiCo India Holdings Pvt. Ltd. – NCLT Chandigarh Bench
January 10, 2025
The Hon’ble NCLT Chandigarh Bench held that the principal amount has been paid during the pendency of the Petition, therefore requirement of Section 9(5)(i)(b) is not complied with. In the present case, the principal amount stands paid, therefore the CIRP cannot be initiated solely on the basis of the claim of interest component.