Net Avenue Technologies Directed to Pay Fasttrack Logistics Following Court Order in Chennai
Net Avenue Technologies Limited has been subject to a judicial directive concerning an outstanding payment due to Fasttrack logistics. The Company received a specific Order from the Principal Commercial Court, Egmore, Chennai, issued under C.O.S. No. 1167 of 2022.The court Order directs Net Avenue Technologies Limited to settle an amount due to Fasttrack logistics, which includes payment and associated interest, alongside the costs incurred in the suit. The requirement pertains to a principal sum of Rs 9,16,160/- originating from April 2018.
According to the directive, the company is required to pay Rs 13,92,749/-, which constitutes the core payment amount, along with accrued interest at 18% per annum on the principal of Rs 9,16,160/- since April 2018. The Order also mandates the payment of the cost of the suit.
The financial obligations stemming from the court ruling are detailed as follows:
| Component | Details |
|---|---|
| Total Payment Amount | Rs 13,92,749/- |
| Principal Sum | Rs 9,16,160/- |
| Interest Rate | 18% per annum |
| Interest Commencement Date | April 2018 |
| Additional Requirement | Cost of the suit |
CBAZAAR Stock Price Movement
Net Avenue Technologies Limited shares edged higher to settle at ₹5.45 today, gaining 4.81% as the stock closed in post-market trading. The equity saw a solid volume of 88,000 shares traded during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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