This is an appeal against the order dated 12.09.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court-II) in CP (IB) No.603(ND)/2020, which admitted the application under Section 9 of the IBC filed by Flourish Paper & Chemicals Ltd. (Respondent No.1) and initiated Corporate Insolvency Resolution Process (CIRP) against Suchi Paper Mills Ltd. (Corporate Debtor). The appeal was filed by the suspended director of the Corporate Debtor, Rakesh Kumar.
Flourish Paper & Chemicals Ltd. (Operational Creditor) supplied goods to Suchi Paper Mills Ltd. (Corporate Debtor). Bills were raised between 08.10.2016 and 17.12.2016. The outstanding debt was Rs. 20,91,690/-, including interest of Rs.7,49,460/-. The Operational Creditor issued a demand notice under Section 8 of IBC on 02.01.2020. The Corporate Debtor replied on 13.01.2020, demanding Rs 25,00,000/- for loss due to poor quality of goods. Prior to the Section 8 notice, a legal notice was issued on 05.12.2019 seeking Rs 13,42,230/-. The Corporate Debtor replied on 16.12.2019, demanding Rs 25,00,000/- for losses. The Operational Creditor filed a Section 9 application. The Adjudicating Authority admitted the application on 12.09.2022. The Corporate Debtor claimed it
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Operational Creditor…
This is an appeal against the order dated 12.09.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court-II) in CP (IB) No.603(ND)/2020, which admitted the application under Section 9 of the IBC filed by Flourish Paper & Chemicals Ltd. (Respondent No.1) and initiated Corporate Insolvency Resolution Process (CIRP) against Suchi Paper Mills Ltd. (Corporate Debtor). The appeal was filed by the suspended director of the Corporate Debtor, Rakesh Kumar.
Flourish Paper & Chemicals Ltd. (Operational Creditor) supplied goods to Suchi Paper Mills Ltd. (Corporate Debtor). Bills were raised between 08.10.2016 and 17.12.2016. The outstanding debt was Rs. 20,91,690/-, including interest of Rs.7,49,460/-. The Operational Creditor issued a demand notice under Section 8 of IBC on 02.01.2020. The Corporate Debtor replied on 13.01.2020, demanding Rs 25,00,000/- for loss due to poor quality of goods. Prior to the Section 8 notice, a legal notice was issued on 05.12.2019 seeking Rs 13,42,230/-. The Corporate Debtor replied on 16.12.2019, demanding Rs 25,00,000/- for losses. The Operational Creditor filed a Section 9 application. The Adjudicating Authority admitted the application on 12.09.2022. The Corporate Debtor claimed it
…Operational Creditor…
Operational Creditor…