M/S Sona Processors (India) Limited, claiming to be an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against G.P. Cottfab Private Limited, the Corporate Debtor. The application was filed due to non-payment of dues for raw material processing. The applicant is a public limited company incorporated under the Companies Act, 1956, and the corporate debtor is a private limited company incorporated under the Companies Act, 2013.
M/S Sona Processors (India) Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against G.P. Cottfab Private Limited, the corporate debtor. The applicant processed raw materials for the corporate debtor and raised invoices for the same. The corporate debtor made payments via cheques, but several cheques bounced due to 'Payment stopped by drawer' or 'Exceeds Arrangements'. The applicant sent a demand notice under Section 8 of the IBC, 2016, for Rs. 1,23,94,569/-, including interest. The notice was returned undelivered. The applicant then sent the demand notice via email, but the corporate debtor did not respond or raise any dispute. The total debt
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M/S Sona Processors (India) Limited, claiming to be an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against G.P. Cottfab Private Limited, the Corporate Debtor. The application was filed due to non-payment of dues for raw material processing. The applicant is a public limited company incorporated under the Companies Act, 1956, and the corporate debtor is a private limited company incorporated under the Companies Act, 2013.
M/S Sona Processors (India) Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against G.P. Cottfab Private Limited, the corporate debtor. The applicant processed raw materials for the corporate debtor and raised invoices for the same. The corporate debtor made payments via cheques, but several cheques bounced due to 'Payment stopped by drawer' or 'Exceeds Arrangements'. The applicant sent a demand notice under Section 8 of the IBC, 2016, for Rs. 1,23,94,569/-, including interest. The notice was returned undelivered. The applicant then sent the demand notice via email, but the corporate debtor did not respond or raise any dispute. The total debt
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