The case involves an application filed by Iapetus Shipping, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Fontana Impex Private Limited, the Corporate Debtor, for recovery of a defaulted payment of Rs. 1,27,20,141.00. This amount is related to services provided to the Corporate Debtor between February 26, 2021, and May 28, 2021, including interest. The Corporate Debtor had made a partial payment of Rs. 6,77,262.00. Due to the Corporate Debtor's failure to honor its commitments, the Operational Creditor issued a statutory notice on September 1, 2021, under Section 8 of the IBC. The Corporate Debtor acknowledged the debt in a reply dated September 20, 2021, but sought concessions on demurrage and interest charges.
Iapetus Shipping (Operational Creditor) provided services to Fontana Impex Private Limited (Corporate Debtor) between February 26, 2021, and May 28, 2021. The total amount due, including interest, was Rs. 3,85,257.57. The principal amount of the debt was Rs. 1,27,20,141.00. The Corporate Debtor made a partial payment of Rs. 6,77,262.00. Due to continuous failure to pay, the Operational Creditor issued a statutory notice on September 1, 2021, under Section 8 of the IBC. The Corporate Debtor received the notice on September 13, 2021, and responded on September 20, 2021, acknowledging the debt but seeking concessions on demurrage and interest charges. The Operational Creditor then filed an application under Section 9 of the IBC to initiate CIRP. The Corporate Debtor did
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The case involves an application filed by Iapetus Shipping, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Fontana Impex Private Limited, the Corporate Debtor, for recovery of a defaulted payment of Rs. 1,27,20,141.00. This amount is related to services provided to the Corporate Debtor between February 26, 2021, and May 28, 2021, including interest. The Corporate Debtor had made a partial payment of Rs. 6,77,262.00. Due to the Corporate Debtor's failure to honor its commitments, the Operational Creditor issued a statutory notice on September 1, 2021, under Section 8 of the IBC. The Corporate Debtor acknowledged the debt in a reply dated September 20, 2021, but sought concessions on demurrage and interest charges.
Iapetus Shipping (Operational Creditor) provided services to Fontana Impex Private Limited (Corporate Debtor) between February 26, 2021, and May 28, 2021. The total amount due, including interest, was Rs. 3,85,257.57. The principal amount of the debt was Rs. 1,27,20,141.00. The Corporate Debtor made a partial payment of Rs. 6,77,262.00. Due to continuous failure to pay, the Operational Creditor issued a statutory notice on September 1, 2021, under Section 8 of the IBC. The Corporate Debtor received the notice on September 13, 2021, and responded on September 20, 2021, acknowledging the debt but seeking concessions on demurrage and interest charges. The Operational Creditor then filed an application under Section 9 of the IBC to initiate CIRP. The Corporate Debtor did
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