The case involves an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by Nangalwala Industries Private Limited, the Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Fomra Sales Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to make payments for the wires and cables supplied. A civil suit was previously filed, resulting in a judgment and decree in favor of the Operational Creditor. An earlier CIRP application was withdrawn based on consent terms, which the Corporate Debtor allegedly failed to honor. The Corporate Debtor filed IA/1141/IB/2020 seeking time to settle the payment based on a Memorandum of Compromise.
Nangalwala Industries Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Fomra Sales Private Limited (Corporate Debtor). Nangalwala Industries supplied wires and cables to Fomra Sales, raising invoices for the same. Fomra Sales failed to make payments, leading Nangalwala Industries to file a civil suit in Rajasthan, which resulted in a judgment and decree in their favor for Rs.76,30,716/- on 23.09.2015. A demand notice was issued on 05.02.2018 under IBC. An earlier CIRP application (IBA/1095/IB/2018) was withdrawn on 13.11.2018 after both parties entered into Consent Terms on 10.11.2018, where Fomra Sales agreed to pay
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Fomra Sales P…
Applicant/Operational Creditor filed a civil…
The case involves an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by Nangalwala Industries Private Limited, the Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Fomra Sales Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to make payments for the wires and cables supplied. A civil suit was previously filed, resulting in a judgment and decree in favor of the Operational Creditor. An earlier CIRP application was withdrawn based on consent terms, which the Corporate Debtor allegedly failed to honor. The Corporate Debtor filed IA/1141/IB/2020 seeking time to settle the payment based on a Memorandum of Compromise.
Nangalwala Industries Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Fomra Sales Private Limited (Corporate Debtor). Nangalwala Industries supplied wires and cables to Fomra Sales, raising invoices for the same. Fomra Sales failed to make payments, leading Nangalwala Industries to file a civil suit in Rajasthan, which resulted in a judgment and decree in their favor for Rs.76,30,716/- on 23.09.2015. A demand notice was issued on 05.02.2018 under IBC. An earlier CIRP application (IBA/1095/IB/2018) was withdrawn on 13.11.2018 after both parties entered into Consent Terms on 10.11.2018, where Fomra Sales agreed to pay
…Fomra Sales P…
Applicant/Operational Creditor filed a civil…