M/s Yatayat Corporation India Pvt. Ltd (Operational Creditor), a transport and logistics company and an MSME unit, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Shrenik Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total outstanding debt of Rs. 5,92,78,324/- as of 24.05.2023, with the date of default stated as 10.12.2019. The debt included principal and interest calculated at three times the bank rate as per the MSME Act, 2006, for unpaid transportation services. The Corporate Debtor disputed the claim, alleging that the petition was time-barred, that there were discrepancies in the date of default, and that the Operational Creditor failed to
…A petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Yatayat Corporation India Pvt. Limited (Operational Creditor) against M/s Shrenik Limited (Corporate Debtor).
The Operational Creditor is a private limited company, converted from a partnership firm on 14.06.2022, and operates as a transport and logistics company, identified as an MSME unit.
The Corporate Debtor was incorporated on 20.12.2012.
The total outstanding debt claimed by the Operational Creditor is Rs. 5,92,78,324/- as on 24.05.2023, comprising Rs. 3,22,91,349/- principal and Rs. 2,69,86,975/- interest.
The date of default is stated as 10.12.2019.
Interest is claimed at three times the bank rate as per Section 15 of the MSME Act, 2006.
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Debt fell due on various dates from…
The Corporate Debtor…
M/s Yatayat Corporation India Pvt. Ltd (Operational Creditor), a transport and logistics company and an MSME unit, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Shrenik Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total outstanding debt of Rs. 5,92,78,324/- as of 24.05.2023, with the date of default stated as 10.12.2019. The debt included principal and interest calculated at three times the bank rate as per the MSME Act, 2006, for unpaid transportation services. The Corporate Debtor disputed the claim, alleging that the petition was time-barred, that there were discrepancies in the date of default, and that the Operational Creditor failed to
…A petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Yatayat Corporation India Pvt. Limited (Operational Creditor) against M/s Shrenik Limited (Corporate Debtor).
The Operational Creditor is a private limited company, converted from a partnership firm on 14.06.2022, and operates as a transport and logistics company, identified as an MSME unit.
The Corporate Debtor was incorporated on 20.12.2012.
The total outstanding debt claimed by the Operational Creditor is Rs. 5,92,78,324/- as on 24.05.2023, comprising Rs. 3,22,91,349/- principal and Rs. 2,69,86,975/- interest.
The date of default is stated as 10.12.2019.
Interest is claimed at three times the bank rate as per Section 15 of the MSME Act, 2006.
…Debt fell due on various dates from…
The Corporate Debtor…