Jhunsons Chemicals filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Lifeline Services Pvt. Ltd. & Ors, the Corporate Debtor, due to their inability to liquidate an operational debt. Jhunsons Chemicals, the Operational Creditor, claimed that Lifeline Services had outstanding payments of Rs. 5,72,894/- despite repeated requests. An earlier CIRP petition (No. 198(ND)/2017) was withdrawn after the Corporate Debtor acknowledged its liability and issued two post-dated cheques for Rs. 5,73,894/- and Rs. 87,000/-. However, one of the cheques for Rs. 5,73,894/- was dishonored on 03.10.2017.
Jhunsons Chemicals, the Operational Creditor, is a company engaged in manufacturing PVC compounds, granules, mouldings, and lacquers. They supplied goods to Lifeline Services Pvt. Ltd., the Corporate Debtor. Payments amounting to Rs. 5,72,894/- remained unpaid despite requests. Jhunsons Chemicals initially filed a CIRP petition, which was withdrawn after Lifeline Services acknowledged the debt and issued two post-dated cheques. One cheque for Rs. 5,73,894/- was dishonored on 03.10.2017. Jhunsons Chemicals issued a notice under Section 8 of the Code on 16.11.2017, which remained unreplied. The Corporate Debtor did not raise any dispute regarding the quality of goods or services. The tender of the cheque was considered an acknowledgement of debt. The Corporate Debtor did
…Sign in to view the parties.
Cheque for Rs.…
Operational Creditor…
Jhunsons Chemicals filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Lifeline Services Pvt. Ltd. & Ors, the Corporate Debtor, due to their inability to liquidate an operational debt. Jhunsons Chemicals, the Operational Creditor, claimed that Lifeline Services had outstanding payments of Rs. 5,72,894/- despite repeated requests. An earlier CIRP petition (No. 198(ND)/2017) was withdrawn after the Corporate Debtor acknowledged its liability and issued two post-dated cheques for Rs. 5,73,894/- and Rs. 87,000/-. However, one of the cheques for Rs. 5,73,894/- was dishonored on 03.10.2017.
Jhunsons Chemicals, the Operational Creditor, is a company engaged in manufacturing PVC compounds, granules, mouldings, and lacquers. They supplied goods to Lifeline Services Pvt. Ltd., the Corporate Debtor. Payments amounting to Rs. 5,72,894/- remained unpaid despite requests. Jhunsons Chemicals initially filed a CIRP petition, which was withdrawn after Lifeline Services acknowledged the debt and issued two post-dated cheques. One cheque for Rs. 5,73,894/- was dishonored on 03.10.2017. Jhunsons Chemicals issued a notice under Section 8 of the Code on 16.11.2017, which remained unreplied. The Corporate Debtor did not raise any dispute regarding the quality of goods or services. The tender of the cheque was considered an acknowledgement of debt. The Corporate Debtor did
…Cheque for Rs.…
Operational Creditor…