The case involves an application filed by M/s. Khanna & Khanna Limited, an operational creditor, against M/s. Raj Rayon Industries Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Khanna & Khanna Limited claimed an amount of Rs. 36,06,136/- as due from Raj Rayon Industries Limited for the supply of Spin Finish Oil and other lubricating materials. The application was filed due to the corporate debtor's failure to pay the outstanding amount.
M/s. Khanna & Khanna Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Raj Rayon Industries Limited, the corporate debtor. Khanna & Khanna Limited claimed that Raj Rayon Industries Limited owed them Rs. 36,06,136/-, which included a principal amount of Rs. 33,91,911/- for the supply of goods and Rs. 2,14,225/- towards interest calculated at 18% per annum. The invoices and related delivery documents were submitted as evidence. Raj Rayon Industries Limited admitted to its inability to clear the overdue payment due to economic and financial difficulties. The application was deemed complete by the Adjudicating Authority.
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Khanna & Khanna Limited issued a demand notice…
The NCLT Ahmedabad Bench delivered the order,…
The case involves an application filed by M/s. Khanna & Khanna Limited, an operational creditor, against M/s. Raj Rayon Industries Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Khanna & Khanna Limited claimed an amount of Rs. 36,06,136/- as due from Raj Rayon Industries Limited for the supply of Spin Finish Oil and other lubricating materials. The application was filed due to the corporate debtor's failure to pay the outstanding amount.
M/s. Khanna & Khanna Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Raj Rayon Industries Limited, the corporate debtor. Khanna & Khanna Limited claimed that Raj Rayon Industries Limited owed them Rs. 36,06,136/-, which included a principal amount of Rs. 33,91,911/- for the supply of goods and Rs. 2,14,225/- towards interest calculated at 18% per annum. The invoices and related delivery documents were submitted as evidence. Raj Rayon Industries Limited admitted to its inability to clear the overdue payment due to economic and financial difficulties. The application was deemed complete by the Adjudicating Authority.
Khanna & Khanna Limited issued a demand notice…
The NCLT Ahmedabad Bench delivered the order,…