The case involves an application filed by Spectra Kolors, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Saalim Shoes Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor is engaged in the sales of leather tanning chemicals, and the corporate debtor is engaged in the process of finished leather sides and hides, purchasing materials from the operational creditor under several invoices. The operational creditor claims that a sum of Rs. 59,24,643/- is due as of 31.03.2018, and a demand notice was issued on 12.07.2019 demanding Rs. 74,68,005.00, including interest.
Spectra Kolors, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Saalim Shoes Private Limited, the corporate debtor, for unpaid operational debt. Spectra Kolors is a partnership firm engaged in the sales of leather tanning chemicals, while Saalim Shoes is engaged in the business of finished leather sides and hides. The operational creditor claims that the corporate debtor defaulted on payments for materials purchased under several invoices. The outstanding amount as of 31.03.2018 was Rs. 59,24,643/-, and a demand notice was issued on 12.07.2019 for Rs. 74,68,005.00, including interest. The corporate debtor raised objections, including the capacity of the person signing on behalf of the operational creditor,
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The Insolvency and…
Invoices were…
The case involves an application filed by Spectra Kolors, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Saalim Shoes Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor is engaged in the sales of leather tanning chemicals, and the corporate debtor is engaged in the process of finished leather sides and hides, purchasing materials from the operational creditor under several invoices. The operational creditor claims that a sum of Rs. 59,24,643/- is due as of 31.03.2018, and a demand notice was issued on 12.07.2019 demanding Rs. 74,68,005.00, including interest.
Spectra Kolors, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Saalim Shoes Private Limited, the corporate debtor, for unpaid operational debt. Spectra Kolors is a partnership firm engaged in the sales of leather tanning chemicals, while Saalim Shoes is engaged in the business of finished leather sides and hides. The operational creditor claims that the corporate debtor defaulted on payments for materials purchased under several invoices. The outstanding amount as of 31.03.2018 was Rs. 59,24,643/-, and a demand notice was issued on 12.07.2019 for Rs. 74,68,005.00, including interest. The corporate debtor raised objections, including the capacity of the person signing on behalf of the operational creditor,
…The Insolvency and…
Invoices were…