Aarti Industries Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Magma Industries Limited, the Corporate Debtor, due to its failure to pay an outstanding operational debt of Rs. 8,21,04,743/-.
Aarti Industries Limited (Operational Creditor) filed an application under Section 9 of the IBC against Magma Industries Limited (Corporate Debtor) for an outstanding debt of Rs. 8,21,04,743/-.
The debt comprised a principal amount of Rs. 6,04,92,541/- and an interest amount of Rs. 2,16,12,203/- (calculated at 24% till 25.07.2024).
The Corporate Debtor issued purchase orders for Para Nitro Chloro Benzene (PNCB), Ortho Chloro Nitro Benzene (ONCB), and PNCB flakes.
The Operational Creditor supplied the materials as per the purchase orders, and the Corporate Debtor received them.
The Corporate Debtor failed to pay the amount within the stipulated 90-day period as per the tax invoices.
The Corporate Debtor issued cheques that were dishonored due to insufficient funds.
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The present Application has been filed on…
Order Prono…
Aarti Industries Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Magma Industries Limited, the Corporate Debtor, due to its failure to pay an outstanding operational debt of Rs. 8,21,04,743/-.
Aarti Industries Limited (Operational Creditor) filed an application under Section 9 of the IBC against Magma Industries Limited (Corporate Debtor) for an outstanding debt of Rs. 8,21,04,743/-.
The debt comprised a principal amount of Rs. 6,04,92,541/- and an interest amount of Rs. 2,16,12,203/- (calculated at 24% till 25.07.2024).
The Corporate Debtor issued purchase orders for Para Nitro Chloro Benzene (PNCB), Ortho Chloro Nitro Benzene (ONCB), and PNCB flakes.
The Operational Creditor supplied the materials as per the purchase orders, and the Corporate Debtor received them.
The Corporate Debtor failed to pay the amount within the stipulated 90-day period as per the tax invoices.
The Corporate Debtor issued cheques that were dishonored due to insufficient funds.
…The present Application has been filed on…
Order Prono…