The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by M/s. Superfine Bleaching Company Limited (Operational Creditor) against M/s. Alkas Spinning Mills Private Limited (Corporate Debtor). The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional. The Operational Creditor claimed a total debt of Rs. 38,37,972/-, inclusive of interest at 24% p.a., which was due and payable by the Corporate Debtor. The debt arose from the supply of cotton fibre and related goods by the Operational Creditor to the
…M/s. Superfine Bleaching Company Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Alkas Spinning Mills Private Limited (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 38,37,972/-, inclusive of 24% p.a. interest, arising from the supply of cotton fibre and related goods during 2016, supported by 24 invoices. The Corporate Debtor allegedly failed to make payments within 7 days of the goods being ready, as per the invoice terms. The Operational Creditor issued a demand notice on 19.03.2019. The Corporate Debtor allegedly undertook to settle the outstanding amount on 25.03.2019 and deposited Rs. 1,00,000/- on 31.05.2019.
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The Operational Creditor supplied cotton fibre…
The Operational…
The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by M/s. Superfine Bleaching Company Limited (Operational Creditor) against M/s. Alkas Spinning Mills Private Limited (Corporate Debtor). The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional. The Operational Creditor claimed a total debt of Rs. 38,37,972/-, inclusive of interest at 24% p.a., which was due and payable by the Corporate Debtor. The debt arose from the supply of cotton fibre and related goods by the Operational Creditor to the
…M/s. Superfine Bleaching Company Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Alkas Spinning Mills Private Limited (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 38,37,972/-, inclusive of 24% p.a. interest, arising from the supply of cotton fibre and related goods during 2016, supported by 24 invoices. The Corporate Debtor allegedly failed to make payments within 7 days of the goods being ready, as per the invoice terms. The Operational Creditor issued a demand notice on 19.03.2019. The Corporate Debtor allegedly undertook to settle the outstanding amount on 25.03.2019 and deposited Rs. 1,00,000/- on 31.05.2019.
…The Operational Creditor supplied cotton fibre…
The Operational…