The case involves a Company Petition (IB) No.156/ALD/2017 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016. The operational creditor, M/s Laxmichand Bansidhar, initiated the Corporate Insolvency Resolution Process (CIRP) against the respondent/corporate debtor, M/s Juggilal Kamlpat Jute Mills Company Limited, for an alleged unpaid operational debt. The corporate debtor raised objections regarding the maintainability of the application, disputing the debt and claiming it was barred by limitation. The operational creditor claimed that goods worth Rs. 3,71,356/- were sold and delivered to the corporate debtor, and the debt was outstanding as of
…M/s Laxmichand Bansidhar, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Juggilal Kamlpat Jute Mills Company Limited, the corporate debtor. The operational creditor claimed that goods worth Rs. 3,71,356/- were sold and delivered to the corporate debtor, with the debt outstanding as of 31.03.2004. The operational creditor submitted invoices, a demand notice dated 14.08.2017, and an acknowledgment of debt dated 20.09.2004. The corporate debtor objected to the petition, arguing that the invoices were not valid as they were not on the letterhead of the operational creditor and lacked signatures. The corporate debtor also claimed that the
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Operational Creditor…
Corporate D…
The case involves a Company Petition (IB) No.156/ALD/2017 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016. The operational creditor, M/s Laxmichand Bansidhar, initiated the Corporate Insolvency Resolution Process (CIRP) against the respondent/corporate debtor, M/s Juggilal Kamlpat Jute Mills Company Limited, for an alleged unpaid operational debt. The corporate debtor raised objections regarding the maintainability of the application, disputing the debt and claiming it was barred by limitation. The operational creditor claimed that goods worth Rs. 3,71,356/- were sold and delivered to the corporate debtor, and the debt was outstanding as of
…M/s Laxmichand Bansidhar, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Juggilal Kamlpat Jute Mills Company Limited, the corporate debtor. The operational creditor claimed that goods worth Rs. 3,71,356/- were sold and delivered to the corporate debtor, with the debt outstanding as of 31.03.2004. The operational creditor submitted invoices, a demand notice dated 14.08.2017, and an acknowledgment of debt dated 20.09.2004. The corporate debtor objected to the petition, arguing that the invoices were not valid as they were not on the letterhead of the operational creditor and lacked signatures. The corporate debtor also claimed that the
…Operational Creditor…
Corporate D…