The case involves a petition filed by Pooransingh Vijaysingh Rathod, the sole proprietor of Meghna Colour Chem (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against JK Coil Coatings Private Limited (Corporate Debtor). The petition was filed due to the Corporate Debtor's alleged failure to pay a sum of ₹33,99,714.00, claimed as principal as of 03.10.2018, which is stated to be the date of default. The Corporate Debtor is a private company limited by shares, incorporated on 07.08.2006.
Pooransingh Vijaysingh Rathod, the sole proprietor of Meghna Colour Chem, is the Operational Creditor. JK Coil Coatings Private Limited is the Corporate Debtor. The Operational Creditor supplied chrome pigments to the Corporate Debtor for manufacturing paints under eleven invoices, totaling ₹35,75,400. The Corporate Debtor made an 'on account' payment of ₹5,00,000 on 03.08.2018, of which ₹3,24,314 was appropriated towards older dues. The balance unpaid debt amount of ₹2,13,714 of Invoice No.14, which was defaulted, is claimed in the present petition. After adjusting the above stated payment, the total debt outstanding is to the tune of ₹33,94,714. The Corporate Debtor issued a cheque for ₹33,35,400 on 25.02.2019, which bounced on 18.04.2019. The Operational Creditor
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JK Coil Coatings…
The Corporate Debtor made an 'on account'…
The case involves a petition filed by Pooransingh Vijaysingh Rathod, the sole proprietor of Meghna Colour Chem (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against JK Coil Coatings Private Limited (Corporate Debtor). The petition was filed due to the Corporate Debtor's alleged failure to pay a sum of ₹33,99,714.00, claimed as principal as of 03.10.2018, which is stated to be the date of default. The Corporate Debtor is a private company limited by shares, incorporated on 07.08.2006.
Pooransingh Vijaysingh Rathod, the sole proprietor of Meghna Colour Chem, is the Operational Creditor. JK Coil Coatings Private Limited is the Corporate Debtor. The Operational Creditor supplied chrome pigments to the Corporate Debtor for manufacturing paints under eleven invoices, totaling ₹35,75,400. The Corporate Debtor made an 'on account' payment of ₹5,00,000 on 03.08.2018, of which ₹3,24,314 was appropriated towards older dues. The balance unpaid debt amount of ₹2,13,714 of Invoice No.14, which was defaulted, is claimed in the present petition. After adjusting the above stated payment, the total debt outstanding is to the tune of ₹33,94,714. The Corporate Debtor issued a cheque for ₹33,35,400 on 25.02.2019, which bounced on 18.04.2019. The Operational Creditor
…JK Coil Coatings…
The Corporate Debtor made an 'on account'…