The case pertains to an application filed by MP Resources, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against ARC Lamicraft Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that the corporate debtor defaulted on payments for the supply of goods, including Absorbent, Kraft, Paper, Formaldehyde, and Phenol. The corporate debtor disputed the debt, alleging defective and inferior quality of goods supplied. The NCLT Ahmedabad Bench considered the application and the submissions made by both parties.
MP Resources, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ARC Lamicraft Private Limited, the corporate debtor. ARC Lamicraft Private Limited was incorporated on 23.01.2007. The operational creditor claimed that the corporate debtor owed Rs. 4,86,63,554.00 along with interest at 24% per annum for the supply of goods like Absorbent, Kraft, Paper, Formaldehyde, and Phenol. The first default occurred on 06.04.2016. A demand notice in Form 3 was issued on 24.11.2018 and received by the corporate debtor on 27.11.2018. The application was filed on 20.12.2018. The corporate debtor contended that the goods supplied were defective and of inferior
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ARC Lamicraft…
The first def…
The case pertains to an application filed by MP Resources, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against ARC Lamicraft Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that the corporate debtor defaulted on payments for the supply of goods, including Absorbent, Kraft, Paper, Formaldehyde, and Phenol. The corporate debtor disputed the debt, alleging defective and inferior quality of goods supplied. The NCLT Ahmedabad Bench considered the application and the submissions made by both parties.
MP Resources, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ARC Lamicraft Private Limited, the corporate debtor. ARC Lamicraft Private Limited was incorporated on 23.01.2007. The operational creditor claimed that the corporate debtor owed Rs. 4,86,63,554.00 along with interest at 24% per annum for the supply of goods like Absorbent, Kraft, Paper, Formaldehyde, and Phenol. The first default occurred on 06.04.2016. A demand notice in Form 3 was issued on 24.11.2018 and received by the corporate debtor on 27.11.2018. The application was filed on 20.12.2018. The corporate debtor contended that the goods supplied were defective and of inferior
…ARC Lamicraft…
The first def…