The case involves an application filed by M/s Al Sadiq Sweets, an operational creditor, against M/s Krisenter Impex Pvt. Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed a default of USD $1,13,500/- as of 31.08.2020, with the date of default mentioned as 03.01.2020. The corporate debtor challenged the maintainability of the petition, citing the increased threshold for initiating CIRP under Section 4 of the IBC and the applicability of Section 10A due to the COVID-19 pandemic.
M/s Al Sadiq Sweets, an operational creditor based in Qatar, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Krisenter Impex Pvt. Limited, a corporate debtor in India. The application was filed on 16.09.2020, claiming a default of USD $1,13,500/- as of 31.08.2020, with the date of default being 03.01.2020. The operational creditor alleged that the corporate debtor failed to supply Indian Cashew Kernels as agreed, despite receiving an advance payment of USD $1,00,000. The corporate debtor acknowledged the debt but delayed refunding the money. The operational creditor issued a demand notice on 01.08.2020. The corporate debtor challenged the maintainability of the application, arguing that it did not meet the minimum default
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Purchase order issued…
Purchase order…
The case involves an application filed by M/s Al Sadiq Sweets, an operational creditor, against M/s Krisenter Impex Pvt. Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed a default of USD $1,13,500/- as of 31.08.2020, with the date of default mentioned as 03.01.2020. The corporate debtor challenged the maintainability of the petition, citing the increased threshold for initiating CIRP under Section 4 of the IBC and the applicability of Section 10A due to the COVID-19 pandemic.
M/s Al Sadiq Sweets, an operational creditor based in Qatar, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Krisenter Impex Pvt. Limited, a corporate debtor in India. The application was filed on 16.09.2020, claiming a default of USD $1,13,500/- as of 31.08.2020, with the date of default being 03.01.2020. The operational creditor alleged that the corporate debtor failed to supply Indian Cashew Kernels as agreed, despite receiving an advance payment of USD $1,00,000. The corporate debtor acknowledged the debt but delayed refunding the money. The operational creditor issued a demand notice on 01.08.2020. The corporate debtor challenged the maintainability of the application, arguing that it did not meet the minimum default
…Purchase order issued…
Purchase order…