This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Sangam (India) Limited, an operational creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against ADIG JEMTEX Pvt. Ltd., the corporate debtor. The applicant claims that the corporate debtor defaulted in making payments for goods/products supplied since April 2017. A demand notice was issued on 05.11.2020, demanding Rs. 2,32,02,842/-, which was served on the respondent on 07.11.2020. The respondent acknowledged the liability but made no payment.
Sangam (India) Limited, the applicant and operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against ADIG JEMTEX Pvt. Ltd., the corporate debtor. The applicant had been supplying goods/products to the respondent since April 2017, and the respondent was required to make payments within 4 days from the invoice date, failing which interest at 18% p.a. would be charged. The respondent defaulted in making payments from December 2017 to November 2019, for a total of 83 invoices. A demand notice dated 05.11.2020 was issued, demanding Rs. 2,32,02,842/-, which was served on the respondent on 07.11.2020. The respondent acknowledged the liability in a reply
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This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Sangam (India) Limited, an operational creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against ADIG JEMTEX Pvt. Ltd., the corporate debtor. The applicant claims that the corporate debtor defaulted in making payments for goods/products supplied since April 2017. A demand notice was issued on 05.11.2020, demanding Rs. 2,32,02,842/-, which was served on the respondent on 07.11.2020. The respondent acknowledged the liability but made no payment.
Sangam (India) Limited, the applicant and operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against ADIG JEMTEX Pvt. Ltd., the corporate debtor. The applicant had been supplying goods/products to the respondent since April 2017, and the respondent was required to make payments within 4 days from the invoice date, failing which interest at 18% p.a. would be charged. The respondent defaulted in making payments from December 2017 to November 2019, for a total of 83 invoices. A demand notice dated 05.11.2020 was issued, demanding Rs. 2,32,02,842/-, which was served on the respondent on 07.11.2020. The respondent acknowledged the liability in a reply
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