Fuso Glass India Private Limited filed a petition under Section 9 of the IBC to initiate CIRP against Milestone Aluminium Company Private Limited.

The Corporate Debtor allegedly defaulted on a total outstanding amount of Rs. 3,73,08,725.45.

The date of default mentioned in Form 5 is 31/08/2021.

The Respondent argued that the application was barred by limitation.

The Petitioner argued that the date of default in a running account is the last date of payment.

The Petitioner submitted that the Corporate Debtor acknowledged the debt through part payments and email correspondences.

The Adjudicating Authority admitted the petition and declared a moratorium.

Ms. Rashmi Jadhav was appointed as the Interim Resolution Professional.

Fuso Glass India Private Limited filed a petition under Section 9 of the IBC to initiate CIRP against Milestone Aluminium Company Private Limited.

The Corporate Debtor allegedly defaulted on a total outstanding amount of Rs. 3,73,08,725.45.

The date of default mentioned in Form 5 is 31/08/2021.

The Respondent argued that the application was barred by limitation.

The Petitioner argued that the date of default in a running account is the last date of payment.

The Petitioner submitted that the Corporate Debtor acknowledged the debt through part payments and email correspondences.

The Adjudicating Authority admitted the petition and declared a moratorium.

Ms. Rashmi Jadhav was appointed as the Interim Resolution Professional.