The appeal was filed against an order dated 07.06.2022 passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench-IV, in CP (IB) No. 1443/MB-IV/2020. The Adjudicating Authority admitted an application filed by Respondent No. 1 under Section 9 of the Insolvency & Bankruptcy Code, 2016, and appointed Mr. Santanu T. Ray as Insolvency Professional (IRP). The appellant, Mr. Prashant Aggrawal, Member of Suspended Board of Bombay Rayon Fashions Limited, filed the appeal.
Vikash Parasrampuria, the Operational Creditor (OC), supplied yarns to Bombay Rayon Fashions Ltd., the Corporate Debtor (CD). The OC raised invoices between March 2017 and January 2020 for Rs. 2,02,26,017/- under nine invoices. The CD paid three invoices with substantial delay, made part payment for one invoice, and failed to make any payment for the remaining five invoices. The Adjudicating Authority admitted the Section 9 application filed by the OC. The appellant, a member of the suspended board of the CD, argued that the principal amount of debt was below the threshold limit of Rs. 1 crore and that the application was time-barred. The invoices stipulated an interest charge of 18% plus GST P.A. after the due date. Payments were made against some invoices, and no
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Operational Creditor raised invoices to…
Operational Creditor raised invoices to…
The appeal was filed against an order dated 07.06.2022 passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench-IV, in CP (IB) No. 1443/MB-IV/2020. The Adjudicating Authority admitted an application filed by Respondent No. 1 under Section 9 of the Insolvency & Bankruptcy Code, 2016, and appointed Mr. Santanu T. Ray as Insolvency Professional (IRP). The appellant, Mr. Prashant Aggrawal, Member of Suspended Board of Bombay Rayon Fashions Limited, filed the appeal.
Vikash Parasrampuria, the Operational Creditor (OC), supplied yarns to Bombay Rayon Fashions Ltd., the Corporate Debtor (CD). The OC raised invoices between March 2017 and January 2020 for Rs. 2,02,26,017/- under nine invoices. The CD paid three invoices with substantial delay, made part payment for one invoice, and failed to make any payment for the remaining five invoices. The Adjudicating Authority admitted the Section 9 application filed by the OC. The appellant, a member of the suspended board of the CD, argued that the principal amount of debt was below the threshold limit of Rs. 1 crore and that the application was time-barred. The invoices stipulated an interest charge of 18% plus GST P.A. after the due date. Payments were made against some invoices, and no
…Operational Creditor raised invoices to…
Operational Creditor raised invoices to…