Mahavir Interchem, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Lakeland Chemicals (India) Limited, the corporate debtor, due to a default of ₹78,19,855.83 for the supply of chemicals and solvents. The corporate debtor had been making delayed payments on an ad-hoc basis. The applicant issued a demand notice dated 20.06.2018, which was duly served on the corporate debtor on 02.07.2018. The corporate debtor failed to raise any dispute regarding the debt.
Mahavir Interchem, an operational creditor, supplied chemicals and solvents to Lakeland Chemicals (India) Limited, the corporate debtor, from 17.12.2013 to 31.06.2018. The total principal amount for the goods supplied was ₹1,99,41,002.36. The corporate debtor made delayed payments on an ad-hoc basis, resulting in an outstanding amount of ₹54,24,429.83. Interest on the balance unpaid amount from 12.12.2013 to 31.05.2018 at the rate of 24% p.a. amounted to ₹23,95,426. The total claim amount, including principal and interest, was ₹78,19,855.93. The applicant issued a demand notice dated 20.06.2018, which was duly served on the corporate debtor on 02.07.2018. The corporate debtor failed to raise any dispute regarding the debt. The ledger account of the corporate debtor
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Mahavir Interchem, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Lakeland Chemicals (India) Limited, the corporate debtor, due to a default of ₹78,19,855.83 for the supply of chemicals and solvents. The corporate debtor had been making delayed payments on an ad-hoc basis. The applicant issued a demand notice dated 20.06.2018, which was duly served on the corporate debtor on 02.07.2018. The corporate debtor failed to raise any dispute regarding the debt.
Mahavir Interchem, an operational creditor, supplied chemicals and solvents to Lakeland Chemicals (India) Limited, the corporate debtor, from 17.12.2013 to 31.06.2018. The total principal amount for the goods supplied was ₹1,99,41,002.36. The corporate debtor made delayed payments on an ad-hoc basis, resulting in an outstanding amount of ₹54,24,429.83. Interest on the balance unpaid amount from 12.12.2013 to 31.05.2018 at the rate of 24% p.a. amounted to ₹23,95,426. The total claim amount, including principal and interest, was ₹78,19,855.93. The applicant issued a demand notice dated 20.06.2018, which was duly served on the corporate debtor on 02.07.2018. The corporate debtor failed to raise any dispute regarding the debt. The ledger account of the corporate debtor
…The Operational…
The Operational…