M/s. Shiv Pooja Traders, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jammu Paper Pvt. Limited, the corporate debtor, for initiating insolvency resolution process due to unpaid debt. The operational creditor claimed that the corporate debtor failed to pay an outstanding amount of ₹47,41,942.70 for goods supplied. The application was initially found to have certain defects, which were subsequently rectified by the petitioner. The corporate debtor did not appear to contest the petition despite being served notice.
M/s. Shiv Pooja Traders, the operational creditor, supplied goods (rice husk and saw dust) to Jammu Paper Pvt. Limited, the corporate debtor, from 2005 to 04.02.2015. As of 04.02.2015, an amount of ₹47,41,942.70 was outstanding. The corporate debtor acknowledged the debt in its ledger account for the period 01.04.2013 to 30.08.2014, showing an outstanding amount of ₹56,72,055.70. The corporate debtor paid ₹10 lacs on 24.09.2014. The operational creditor sent a demand notice dated 20.03.2017, which was delivered to the corporate debtor on 23.03.2017. A subsequent legal notice dated 16.11.2016 was also sent. The Managing Director of the corporate debtor admitted the outstanding debt of ₹60,15,478.70 as of 09.06.2014 and promised to pay it back with 12% interest per
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Learned counsel for petitioner further refers…
M/s. Shiv Pooja Traders, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jammu Paper Pvt. Limited, the corporate debtor, for initiating insolvency resolution process due to unpaid debt. The operational creditor claimed that the corporate debtor failed to pay an outstanding amount of ₹47,41,942.70 for goods supplied. The application was initially found to have certain defects, which were subsequently rectified by the petitioner. The corporate debtor did not appear to contest the petition despite being served notice.
M/s. Shiv Pooja Traders, the operational creditor, supplied goods (rice husk and saw dust) to Jammu Paper Pvt. Limited, the corporate debtor, from 2005 to 04.02.2015. As of 04.02.2015, an amount of ₹47,41,942.70 was outstanding. The corporate debtor acknowledged the debt in its ledger account for the period 01.04.2013 to 30.08.2014, showing an outstanding amount of ₹56,72,055.70. The corporate debtor paid ₹10 lacs on 24.09.2014. The operational creditor sent a demand notice dated 20.03.2017, which was delivered to the corporate debtor on 23.03.2017. A subsequent legal notice dated 16.11.2016 was also sent. The Managing Director of the corporate debtor admitted the outstanding debt of ₹60,15,478.70 as of 09.06.2014 and promised to pay it back with 12% interest per
…The petitioner had business dealings with the…
Learned counsel for petitioner further refers…