The case originates from an application filed by Bhavesh Texo Fab Private Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Shivalik cotsyn Private Limited, the Corporate Debtor.
Bhavesh Texo Fab Private Limited filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against M/s Shivalik cotsyn Private Limited.
The Operational Creditor claimed a default amount of Rs. 65,36,488/- as of 09.09.2016.
The Corporate Debtor argued that the amount had been paid to related entities of the Operational Creditor based on instructions from Mr. Sheetal Garg, Director of the Operational Creditor.
The Corporate Debtor referred to an email dated 14.07.2016, where ledgers of the three entities were forwarded by Mr. Sheetal Garg, indicating the amount was settled.
The Operational Creditor contested this claim, stating it is a distinct legal entity and there was no agreement for mutual set-off.
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The date of de…
Corporate Debtor entered into compromise…
The case originates from an application filed by Bhavesh Texo Fab Private Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Shivalik cotsyn Private Limited, the Corporate Debtor.
Bhavesh Texo Fab Private Limited filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against M/s Shivalik cotsyn Private Limited.
The Operational Creditor claimed a default amount of Rs. 65,36,488/- as of 09.09.2016.
The Corporate Debtor argued that the amount had been paid to related entities of the Operational Creditor based on instructions from Mr. Sheetal Garg, Director of the Operational Creditor.
The Corporate Debtor referred to an email dated 14.07.2016, where ledgers of the three entities were forwarded by Mr. Sheetal Garg, indicating the amount was settled.
The Operational Creditor contested this claim, stating it is a distinct legal entity and there was no agreement for mutual set-off.
…The date of de…
Corporate Debtor entered into compromise…