Bhagwati Kripa Paper Mills Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against A.P. Enterprises Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that they supplied high-quality kraft paper to the corporate debtor based on purchase orders, raising sale orders and invoices periodically. The corporate debtor allegedly failed to pay the outstanding amount despite repeated reminders and undertakings. The corporate debtor, however, disputed the liability, claiming issues with the quality of goods and asserting that payments were made through different entities.
Bhagwati Kripa Paper Mills Pvt. Ltd. (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against A.P. Enterprises Private Limited (corporate debtor) for unpaid operational debt. The operational creditor supplied high-quality kraft paper to the corporate debtor based on purchase orders, raising sale orders and invoices periodically. The last invoice was issued on 08.11.2017. The corporate debtor confirmed an outstanding liability of ₹4,61,85,364.50/- as on 09.02.2018 and agreed to pay ₹22 lakhs through RTGS transfer, of which ₹8 lakhs was transferred on 09.02.2018 and ₹5 lakhs on 23.02.2018. The corporate debtor issued nine cheques for ₹60 lakhs on 09.02.2018, but cheques worth ₹50 lakhs were dishonored. The operational
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A.P. Enterprises was incorporated with…
The first such invoice of unpaid/partially paid…
Bhagwati Kripa Paper Mills Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against A.P. Enterprises Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that they supplied high-quality kraft paper to the corporate debtor based on purchase orders, raising sale orders and invoices periodically. The corporate debtor allegedly failed to pay the outstanding amount despite repeated reminders and undertakings. The corporate debtor, however, disputed the liability, claiming issues with the quality of goods and asserting that payments were made through different entities.
Bhagwati Kripa Paper Mills Pvt. Ltd. (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against A.P. Enterprises Private Limited (corporate debtor) for unpaid operational debt. The operational creditor supplied high-quality kraft paper to the corporate debtor based on purchase orders, raising sale orders and invoices periodically. The last invoice was issued on 08.11.2017. The corporate debtor confirmed an outstanding liability of ₹4,61,85,364.50/- as on 09.02.2018 and agreed to pay ₹22 lakhs through RTGS transfer, of which ₹8 lakhs was transferred on 09.02.2018 and ₹5 lakhs on 23.02.2018. The corporate debtor issued nine cheques for ₹60 lakhs on 09.02.2018, but cheques worth ₹50 lakhs were dishonored. The operational
…A.P. Enterprises was incorporated with…
The first such invoice of unpaid/partially paid…