The matter pertains to a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Respondent. The Petitioner, an Operational Creditor, alleges default in payment of an Operational Debt amounting to ₹. 1,54,75,679/- along with interest @ 18%, totaling ₹.71,90,176/-. The Petitioner clarified that the interest component is not part of the original invoice and would not object if it is excluded from the debt calculation.
K Balaji Textile filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Maxgrow India Limited, alleging a default in payment of an operational debt. The debt amounted to ₹. 1,54,75,679/- with an additional interest claim of ₹.71,90,176/-. The petitioner clarified that the interest was not part of the original invoice. Maxgrow India Limited admitted to the debt and default. The petition was found to be within the time limit and complete. The petitioner suggested the name of Mayank Rameshchandra Jain as the Interim Resolution Professional (IRP).
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The order was issued admitting the Company…
The matter pertains to a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Respondent. The Petitioner, an Operational Creditor, alleges default in payment of an Operational Debt amounting to ₹. 1,54,75,679/- along with interest @ 18%, totaling ₹.71,90,176/-. The Petitioner clarified that the interest component is not part of the original invoice and would not object if it is excluded from the debt calculation.
K Balaji Textile filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Maxgrow India Limited, alleging a default in payment of an operational debt. The debt amounted to ₹. 1,54,75,679/- with an additional interest claim of ₹.71,90,176/-. The petitioner clarified that the interest was not part of the original invoice. Maxgrow India Limited admitted to the debt and default. The petition was found to be within the time limit and complete. The petitioner suggested the name of Mayank Rameshchandra Jain as the Interim Resolution Professional (IRP).
The order was issued admitting the Company…