Industrial and Engineering Corporation, an operational creditor, filed an application under Sections 8 & 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Nuddea Plantations Limited, the corporate debtor, for an outstanding amount of Rs. 4,77,270/-. The operational creditor claimed that the corporate debtor failed to pay the amount despite receiving a demand notice. The corporate debtor contested the application, citing financial difficulties, classification as a 'D' stressed company by the Tea Board of India, and accumulated losses. The corporate debtor also argued that the claim was barred by limitation, as there was no claim within three years of the purported date of accrual.
Industrial and Engineering Corporation (operational creditor) supplied chemicals (insecticides and pesticides) to Nuddea Plantations Limited (corporate debtor) for use in its Totapara Tea Estate. The corporate debtor approached the operational creditor for the supply of chemicals from around January 2014. The operational creditor supplied chemicals based on demand and purchase orders placed by the manager of Totapara Tea Estate from 2013-2014. The corporate debtor accepted the goods without protest and made part payments through the manager of Totapara Tea Estate. The last payment was made in June 2014, after which the debt fell due. The operational creditor issued a demand notice on January 5, 2018, which was delivered to the corporate debtor on January 9, 2018. The
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Industrial and Engineering Corporation, an operational creditor, filed an application under Sections 8 & 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Nuddea Plantations Limited, the corporate debtor, for an outstanding amount of Rs. 4,77,270/-. The operational creditor claimed that the corporate debtor failed to pay the amount despite receiving a demand notice. The corporate debtor contested the application, citing financial difficulties, classification as a 'D' stressed company by the Tea Board of India, and accumulated losses. The corporate debtor also argued that the claim was barred by limitation, as there was no claim within three years of the purported date of accrual.
Industrial and Engineering Corporation (operational creditor) supplied chemicals (insecticides and pesticides) to Nuddea Plantations Limited (corporate debtor) for use in its Totapara Tea Estate. The corporate debtor approached the operational creditor for the supply of chemicals from around January 2014. The operational creditor supplied chemicals based on demand and purchase orders placed by the manager of Totapara Tea Estate from 2013-2014. The corporate debtor accepted the goods without protest and made part payments through the manager of Totapara Tea Estate. The last payment was made in June 2014, after which the debt fell due. The operational creditor issued a demand notice on January 5, 2018, which was delivered to the corporate debtor on January 9, 2018. The
…Corporate debtor approached the…
Last payment was made…
Sign in to view related legal provisions.