The case involves an application filed by Sonkamal Enterprises Private Limited, the 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 Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total default of ₹3,49,04,949/- inclusive of interest at 21% per annum as on 30.11.2018. The Corporate Debtor contended that the debt amount claimed is incorrect and that there is a pre-existing dispute regarding the discrepancies in the amount claimed.
Sonkamal Enterprises Private Limited (Operational Creditor) filed an application against Ratnagiri Chemicals Private Limited (Corporate Debtor) under Section 9 of the I&B Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed a default of ₹3,49,04,949/-, including interest, as of 30.11.2018. The Operational Creditor had supplied Phenol and other chemicals to the Corporate Debtor between 18.12.2013 and 15.12.2016, totaling ₹2,43,47,036/-. The Corporate Debtor made a part payment of ₹6,00,000/- on 14.12.2016, leaving an outstanding balance of ₹2,37,47,036/-. The Operational Creditor maintained a running account of the Corporate Debtor, showing an outstanding debit balance of ₹1,86,89,487 as of 31.03.2017. The Corporate Debtor failed to pay the due
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The total default…
Board Resolution was…
The case involves an application filed by Sonkamal Enterprises Private Limited, the 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 Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total default of ₹3,49,04,949/- inclusive of interest at 21% per annum as on 30.11.2018. The Corporate Debtor contended that the debt amount claimed is incorrect and that there is a pre-existing dispute regarding the discrepancies in the amount claimed.
Sonkamal Enterprises Private Limited (Operational Creditor) filed an application against Ratnagiri Chemicals Private Limited (Corporate Debtor) under Section 9 of the I&B Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed a default of ₹3,49,04,949/-, including interest, as of 30.11.2018. The Operational Creditor had supplied Phenol and other chemicals to the Corporate Debtor between 18.12.2013 and 15.12.2016, totaling ₹2,43,47,036/-. The Corporate Debtor made a part payment of ₹6,00,000/- on 14.12.2016, leaving an outstanding balance of ₹2,37,47,036/-. The Operational Creditor maintained a running account of the Corporate Debtor, showing an outstanding debit balance of ₹1,86,89,487 as of 31.03.2017. The Corporate Debtor failed to pay the due
…The total default…
Board Resolution was…