The petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to its inability to liquidate outstanding dues. The Operational Creditor claimed to have supplied goods on credit to the Corporate Debtor, raising 44 invoices between January and March 2014, with a total liability of Rs. 66,10,786. The Corporate Debtor issued 51 cheques between April and June 2014, which were dishonoured upon presentation. Despite repeated demands, the Corporate Debtor failed to make payments, leading the Operational Creditor to file cases under Section 138/441 of the Negotiable Instruments Act, 1881. The Corporate Debtor made partial payments of Rs. 31,85,525, reducing the
…M/s Appl Industries Ltd (Operational Creditor) claimed that M/s Auto Décor Pvt. Ltd (Corporate Debtor) owed them Rs. 66,10,786 based on 44 invoices issued between January and March 2014 for goods supplied on credit. The Corporate Debtor issued 51 cheques between April and June 2014 to liquidate the debt, but these cheques were dishonoured. The Corporate Debtor made payments totaling Rs. 31,85,525, with the last payment on 18.03.2016, reducing the outstanding balance to Rs. 34,25,251. The Operational Creditor issued a demand notice on 02.04.2018, claiming interest at 24% p.a. The Corporate Debtor argued that the claim was barred by limitation. The payments made by the Corporate Debtor during the period of limitation are key facts, as they extended the limitation period,
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Corporate Debtor issued…
The petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to its inability to liquidate outstanding dues. The Operational Creditor claimed to have supplied goods on credit to the Corporate Debtor, raising 44 invoices between January and March 2014, with a total liability of Rs. 66,10,786. The Corporate Debtor issued 51 cheques between April and June 2014, which were dishonoured upon presentation. Despite repeated demands, the Corporate Debtor failed to make payments, leading the Operational Creditor to file cases under Section 138/441 of the Negotiable Instruments Act, 1881. The Corporate Debtor made partial payments of Rs. 31,85,525, reducing the
…M/s Appl Industries Ltd (Operational Creditor) claimed that M/s Auto Décor Pvt. Ltd (Corporate Debtor) owed them Rs. 66,10,786 based on 44 invoices issued between January and March 2014 for goods supplied on credit. The Corporate Debtor issued 51 cheques between April and June 2014 to liquidate the debt, but these cheques were dishonoured. The Corporate Debtor made payments totaling Rs. 31,85,525, with the last payment on 18.03.2016, reducing the outstanding balance to Rs. 34,25,251. The Operational Creditor issued a demand notice on 02.04.2018, claiming interest at 24% p.a. The Corporate Debtor argued that the claim was barred by limitation. The payments made by the Corporate Debtor during the period of limitation are key facts, as they extended the limitation period,
…Operational Creditor…
Corporate Debtor issued…