Maldar Barrels (P) Ltd., the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Pearson Drums & Barrels (P) Ltd., the corporate debtor, for initiation of the corporate insolvency resolution process. The operational creditor claimed that the corporate debtor defaulted in payment of Rs. 8,82,11,723, including interest, for goods supplied. The corporate debtor contested the claim, alleging disputes, forged invoices, and that the operational creditor was a willful defaulter.
Maldar Barrels (P) Ltd. (operational creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against Pearson Drums & Barrels (P) Ltd. (corporate debtor) for initiating corporate insolvency resolution process due to a default in payment. The operational creditor claimed an outstanding amount of Rs. 8,82,11,723, inclusive of interest at 21% p.a., for goods supplied to the corporate debtor. The corporate debtor made part payments totaling Rs. 20,04,79,817, with the last payment of Rs. 27,50,000 received between April and July 2017, leaving a principal sum of Rs. 4,75,28,807 outstanding. The operational creditor issued demand notices, including one dated 09/08/2017, but the corporate debtor failed to pay. The corporate debtor
…Sign in to view the parties.
Operational creditor delivered demand notice of…
Demand notice…
Maldar Barrels (P) Ltd., the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Pearson Drums & Barrels (P) Ltd., the corporate debtor, for initiation of the corporate insolvency resolution process. The operational creditor claimed that the corporate debtor defaulted in payment of Rs. 8,82,11,723, including interest, for goods supplied. The corporate debtor contested the claim, alleging disputes, forged invoices, and that the operational creditor was a willful defaulter.
Maldar Barrels (P) Ltd. (operational creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against Pearson Drums & Barrels (P) Ltd. (corporate debtor) for initiating corporate insolvency resolution process due to a default in payment. The operational creditor claimed an outstanding amount of Rs. 8,82,11,723, inclusive of interest at 21% p.a., for goods supplied to the corporate debtor. The corporate debtor made part payments totaling Rs. 20,04,79,817, with the last payment of Rs. 27,50,000 received between April and July 2017, leaving a principal sum of Rs. 4,75,28,807 outstanding. The operational creditor issued demand notices, including one dated 09/08/2017, but the corporate debtor failed to pay. The corporate debtor
…Operational creditor delivered demand notice of…
Demand notice…