The case involves an application filed by Agarwal Coal Corporation Pvt Ltd (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Dhanalakshmi Paper Mills Pvt Ltd (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 1,42,88,840 as of 17.08.2016 for the supply and transportation of coal. The Corporate Debtor had made some payments, including a Demand Draft of Rs. 5 Lakhs and a cheque of Rs. 15 Lakhs, but the cheque was dishonored.
Agarwal Coal Corporation Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Dhanalakshmi Paper Mills Pvt Ltd (Corporate Debtor) for an outstanding debt of Rs. 1,42,88,840 as of 17.08.2016. The debt arose from the supply and transportation of coal by the Operational Creditor to the Corporate Debtor. The Corporate Debtor made a payment of Rs. 5 Lakhs via Demand Draft on 17.01.2018 and issued a cheque for Rs. 15 Lakhs on 01.03.2018, which was subsequently dishonored due to 'stop payment'. The Operational Creditor issued a Demand Notice dated 28.08.2017 under Section 8(1) of the I&B Code, 2016, to which the Corporate Debtor did not reply. The Operational Creditor complied with Section 9(3)(b) &
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Operational Creditor…
Operational Creditor…
The case involves an application filed by Agarwal Coal Corporation Pvt Ltd (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Dhanalakshmi Paper Mills Pvt Ltd (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 1,42,88,840 as of 17.08.2016 for the supply and transportation of coal. The Corporate Debtor had made some payments, including a Demand Draft of Rs. 5 Lakhs and a cheque of Rs. 15 Lakhs, but the cheque was dishonored.
Agarwal Coal Corporation Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Dhanalakshmi Paper Mills Pvt Ltd (Corporate Debtor) for an outstanding debt of Rs. 1,42,88,840 as of 17.08.2016. The debt arose from the supply and transportation of coal by the Operational Creditor to the Corporate Debtor. The Corporate Debtor made a payment of Rs. 5 Lakhs via Demand Draft on 17.01.2018 and issued a cheque for Rs. 15 Lakhs on 01.03.2018, which was subsequently dishonored due to 'stop payment'. The Operational Creditor issued a Demand Notice dated 28.08.2017 under Section 8(1) of the I&B Code, 2016, to which the Corporate Debtor did not reply. The Operational Creditor complied with Section 9(3)(b) &
…Operational Creditor…
Operational Creditor…