Goodwood Products, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Kitply Industries Ltd., the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed an outstanding debt of Rs. 35,89,008.00 for the supply of plywood. The corporate debtor had previously been subject to SICA proceedings, which abated when the IBC came into force. The operational creditor had also filed a civil suit for recovery of money in 2014, which was decreed in its favor. The operational creditor filed its claim with the IRP beyond the stipulated 90-day period, which was rejected. The operational creditor challenged this rejection, but the challenge was dismissed.
…Goodwood Products (Operational Creditor) supplied plywood to Kitply Industries Ltd. (Corporate Debtor). Kitply Industries owed Rs. 35,89,008.00 to Goodwood Products. Goodwood Products filed a civil suit in 2014 for recovery, which was decreed in its favor. Kitply Industries was previously under SICA proceedings, which abated with the enactment of the IBC in 2016. Goodwood Products filed a claim with the IRP beyond the 90-day period, which was rejected. Goodwood Products challenged the rejection, but the challenge was dismissed. Goodwood Products sent Form No. 3 to Kitply Industries on 06.11.2020, but received no response. Kitply Industries had a resolution plan approved on 07.12.2018 in a prior CIRP initiated by IDBI Bank. The CIRP commenced on 01.05.2018. The last
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Goodwood Products filed…
The Insolvency and Bankruptcy Code, 2016, came…
Goodwood Products, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Kitply Industries Ltd., the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed an outstanding debt of Rs. 35,89,008.00 for the supply of plywood. The corporate debtor had previously been subject to SICA proceedings, which abated when the IBC came into force. The operational creditor had also filed a civil suit for recovery of money in 2014, which was decreed in its favor. The operational creditor filed its claim with the IRP beyond the stipulated 90-day period, which was rejected. The operational creditor challenged this rejection, but the challenge was dismissed.
…Goodwood Products (Operational Creditor) supplied plywood to Kitply Industries Ltd. (Corporate Debtor). Kitply Industries owed Rs. 35,89,008.00 to Goodwood Products. Goodwood Products filed a civil suit in 2014 for recovery, which was decreed in its favor. Kitply Industries was previously under SICA proceedings, which abated with the enactment of the IBC in 2016. Goodwood Products filed a claim with the IRP beyond the 90-day period, which was rejected. Goodwood Products challenged the rejection, but the challenge was dismissed. Goodwood Products sent Form No. 3 to Kitply Industries on 06.11.2020, but received no response. Kitply Industries had a resolution plan approved on 07.12.2018 in a prior CIRP initiated by IDBI Bank. The CIRP commenced on 01.05.2018. The last
…Goodwood Products filed…
The Insolvency and Bankruptcy Code, 2016, came…