K. S. Marketing, 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 Corporate Insolvency Resolution Process (CIRP). K. S. Marketing claimed an outstanding debt of Rs. 88,24,745.21, including interest, for the supply of plywood materials. The corporate debtor had previously undergone proceedings under SICA, 1985, which abated when the IBC came into force in 2016. The operational creditor had submitted a claim during a prior CIRP initiated by IDBI, which was rejected as it was filed beyond the stipulated 90-day period. The operational creditor then filed an application challenging the rejection, which was also dismissed. The operational
…K. S. Marketing (Operational Creditor) supplied plywood to Kitply Industries Ltd. (Corporate Debtor). An amount of Rs. 88,24,745.21 was claimed as outstanding, including 1% monthly interest. A consignment agent agreement dated 01.05.2010 existed between the parties. Kitply Industries Ltd. underwent proceedings under SICA, 1985, which abated when IBC, 2016 came into force. A prior CIRP was initiated by IDBI, registered as C.P. (IB) No.2/GB/2018. The Operational Creditor (K. S. Marketing) filed a claim in the prior CIRP on 26.11.2018, which was rejected by the RP as it was submitted beyond 90 days from the resolution process date. The Adjudicating Authority approved a resolution plan on 07.12.2018 in the prior CIRP. K. S. Marketing filed IA No.22/2019 challenging the
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Consignment Agent Agreement dated 01.05.2010…
CIRP commenced against…
K. S. Marketing, 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 Corporate Insolvency Resolution Process (CIRP). K. S. Marketing claimed an outstanding debt of Rs. 88,24,745.21, including interest, for the supply of plywood materials. The corporate debtor had previously undergone proceedings under SICA, 1985, which abated when the IBC came into force in 2016. The operational creditor had submitted a claim during a prior CIRP initiated by IDBI, which was rejected as it was filed beyond the stipulated 90-day period. The operational creditor then filed an application challenging the rejection, which was also dismissed. The operational
…K. S. Marketing (Operational Creditor) supplied plywood to Kitply Industries Ltd. (Corporate Debtor). An amount of Rs. 88,24,745.21 was claimed as outstanding, including 1% monthly interest. A consignment agent agreement dated 01.05.2010 existed between the parties. Kitply Industries Ltd. underwent proceedings under SICA, 1985, which abated when IBC, 2016 came into force. A prior CIRP was initiated by IDBI, registered as C.P. (IB) No.2/GB/2018. The Operational Creditor (K. S. Marketing) filed a claim in the prior CIRP on 26.11.2018, which was rejected by the RP as it was submitted beyond 90 days from the resolution process date. The Adjudicating Authority approved a resolution plan on 07.12.2018 in the prior CIRP. K. S. Marketing filed IA No.22/2019 challenging the
…Consignment Agent Agreement dated 01.05.2010…
CIRP commenced against…