The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Muniraj Colours Private Limited (Operational Creditor) against Intime Textile Limited (Corporate Debtor). The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for unpaid dues related to the supply of printing chemicals. The Corporate Debtor made a partial payment and issued post-dated cheques that were dishonored. The Operational Creditor issued a demand notice under Section 8 of the I&B Code, to which the Corporate Debtor did not respond.
Muniraj Colours Private Limited (Operational Creditor) filed an application against Intime Textile Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor supplied printing chemicals to the Corporate Debtor between 2014-09-26 and 2014-12-08, raising invoices for the same. The Corporate Debtor was required to make payments within 60 days of the invoice date, with a stipulation for 24% per annum interest on delayed payments. On 2016-07-16, the Corporate Debtor made a partial payment of Rs. 13,537. The Operational Creditor claimed an amount of Rs. 40,14,320, comprising Rs. 22,72,355 as principal and Rs. 17,41,965 as interest. The Corporate Debtor issued post-dated cheques for the remaining amount, which were
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The Operational…
The Operational Creditor completed the supply…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Muniraj Colours Private Limited (Operational Creditor) against Intime Textile Limited (Corporate Debtor). The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for unpaid dues related to the supply of printing chemicals. The Corporate Debtor made a partial payment and issued post-dated cheques that were dishonored. The Operational Creditor issued a demand notice under Section 8 of the I&B Code, to which the Corporate Debtor did not respond.
Muniraj Colours Private Limited (Operational Creditor) filed an application against Intime Textile Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor supplied printing chemicals to the Corporate Debtor between 2014-09-26 and 2014-12-08, raising invoices for the same. The Corporate Debtor was required to make payments within 60 days of the invoice date, with a stipulation for 24% per annum interest on delayed payments. On 2016-07-16, the Corporate Debtor made a partial payment of Rs. 13,537. The Operational Creditor claimed an amount of Rs. 40,14,320, comprising Rs. 22,72,355 as principal and Rs. 17,41,965 as interest. The Corporate Debtor issued post-dated cheques for the remaining amount, which were
…The Operational…
The Operational Creditor completed the supply…