The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Bitumen Corporation (India) Pvt. Ltd. (Operational Creditor) against Jangipur Bitumen Pvt. Ltd. (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of bitumen. The Corporate Debtor contested the service of notice under Section 8 of the IBC, alleging that the notice was sent to an email address not regularly accessed by them.
Bitumen Corporation (India) Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jangipur Bitumen Pvt. Ltd. (Corporate Debtor) for initiating CIRP due to unpaid dues for the supply of bitumen. The Corporate Debtor had placed an order for 100 MT of bitumen with a payment term of 15 days, with interest payable at 24% for 16-30 days and 36% thereafter. The total supplies amounted to Rs. 30,43,345, out of which Rs. 19,43,345 remained unpaid. The last payment was made on 16.04.2016. The outstanding debt, including interest, as of the filing date, was Rs. 36,05,314. A notice under Section 8 of the IBC was issued via registered post, which was returned with the comment 'refused.' The notice was also sent
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Bitumen Corporation (India) Pvt. Ltd. (Operational Creditor) against Jangipur Bitumen Pvt. Ltd. (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of bitumen. The Corporate Debtor contested the service of notice under Section 8 of the IBC, alleging that the notice was sent to an email address not regularly accessed by them.
Bitumen Corporation (India) Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jangipur Bitumen Pvt. Ltd. (Corporate Debtor) for initiating CIRP due to unpaid dues for the supply of bitumen. The Corporate Debtor had placed an order for 100 MT of bitumen with a payment term of 15 days, with interest payable at 24% for 16-30 days and 36% thereafter. The total supplies amounted to Rs. 30,43,345, out of which Rs. 19,43,345 remained unpaid. The last payment was made on 16.04.2016. The outstanding debt, including interest, as of the filing date, was Rs. 36,05,314. A notice under Section 8 of the IBC was issued via registered post, which was returned with the comment 'refused.' The notice was also sent
…Hearing held on…
Order delive…