The case involves an application filed by Sonkamal Enterprises Private Limited, an operational creditor, against Ratnagiri Chemicals Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code), for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a total default of ₹3,49,04,949, including interest, as of 30.11.2018, for the supply of Phenol and other chemicals. The corporate debtor made a partial payment of ₹6,00,000 on 14.12.2016 but failed to make any further payments. The corporate debtor contended that the debt amount claimed was incorrect and that there was a pre-existing dispute regarding the discrepancies in the amount claimed.
Sonkamal Enterprises Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ratnagiri Chemicals Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim was for a total default of ₹3,49,04,949, inclusive of interest at 21% per annum as of 30.11.2018. The debt arose from the supply of Phenol and other chemicals by the Operational Creditor to the Corporate Debtor between 18.12.2013 and 15.12.2016, totaling ₹2,43,47,036. The Corporate Debtor made a partial payment of ₹6,00,000 on 14.12.2016, but no further payments were made, resulting in an outstanding balance of ₹2,37,47,036. The Operational Creditor maintained a running account of the Corporate
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The total default…
The Corporate Debtor…
The case involves an application filed by Sonkamal Enterprises Private Limited, an operational creditor, against Ratnagiri Chemicals Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code), for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a total default of ₹3,49,04,949, including interest, as of 30.11.2018, for the supply of Phenol and other chemicals. The corporate debtor made a partial payment of ₹6,00,000 on 14.12.2016 but failed to make any further payments. The corporate debtor contended that the debt amount claimed was incorrect and that there was a pre-existing dispute regarding the discrepancies in the amount claimed.
Sonkamal Enterprises Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ratnagiri Chemicals Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim was for a total default of ₹3,49,04,949, inclusive of interest at 21% per annum as of 30.11.2018. The debt arose from the supply of Phenol and other chemicals by the Operational Creditor to the Corporate Debtor between 18.12.2013 and 15.12.2016, totaling ₹2,43,47,036. The Corporate Debtor made a partial payment of ₹6,00,000 on 14.12.2016, but no further payments were made, resulting in an outstanding balance of ₹2,37,47,036. The Operational Creditor maintained a running account of the Corporate
…The total default…
The Corporate Debtor…