The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by Shivansh Diamond (P) Limited, an operational creditor, against Sampan Tradex (P) Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The claim arises from the supply of gold and jewellery to the corporate debtor, with an outstanding amount of Rs. 31,43,56,154/- for the years 2014-15, 2015-16, and 2016-17. The petitioner relies on an order dated 31.5.2017 passed by the High Court of Punjab & Haryana, Chandigarh, where the corporate debtor admitted a liability of Rs. 31,98,12,664/- and agreed to a payment schedule. The corporate debtor defaulted on the payment schedule, leading to the filing of the Section 9
…Shivansh Diamond (P) Limited (the operational creditor) supplied gold and jewellery to Sampan Tradex (P) Limited (the corporate debtor). An amount of Rs. 31,43,56,154/- was outstanding for the years 2014-15, 2015-16, and 2016-17. In an earlier proceeding before the High Court of Punjab & Haryana, Chandigarh, Sampan Tradex (P) Limited admitted a liability of Rs. 31,98,12,664/- and agreed to a payment schedule commencing from 15.11.2017, with an initial payment of Rs. One Crore. Sampan Tradex (P) Limited defaulted on the payment schedule, paying only Rs. 50 lakhs out of the initial installment. Shivansh Diamond (P) Limited filed a petition under Section 9 of the IBC, 2016, seeking initiation of CIRP. Sampan Tradex (P) Limited argued that the payment was not yet due
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Debt incurred by Sampan Tradex (P) Limited…
Order passed by the Hon'ble High Court of…
The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by Shivansh Diamond (P) Limited, an operational creditor, against Sampan Tradex (P) Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The claim arises from the supply of gold and jewellery to the corporate debtor, with an outstanding amount of Rs. 31,43,56,154/- for the years 2014-15, 2015-16, and 2016-17. The petitioner relies on an order dated 31.5.2017 passed by the High Court of Punjab & Haryana, Chandigarh, where the corporate debtor admitted a liability of Rs. 31,98,12,664/- and agreed to a payment schedule. The corporate debtor defaulted on the payment schedule, leading to the filing of the Section 9
…Shivansh Diamond (P) Limited (the operational creditor) supplied gold and jewellery to Sampan Tradex (P) Limited (the corporate debtor). An amount of Rs. 31,43,56,154/- was outstanding for the years 2014-15, 2015-16, and 2016-17. In an earlier proceeding before the High Court of Punjab & Haryana, Chandigarh, Sampan Tradex (P) Limited admitted a liability of Rs. 31,98,12,664/- and agreed to a payment schedule commencing from 15.11.2017, with an initial payment of Rs. One Crore. Sampan Tradex (P) Limited defaulted on the payment schedule, paying only Rs. 50 lakhs out of the initial installment. Shivansh Diamond (P) Limited filed a petition under Section 9 of the IBC, 2016, seeking initiation of CIRP. Sampan Tradex (P) Limited argued that the payment was not yet due
…Debt incurred by Sampan Tradex (P) Limited…
Order passed by the Hon'ble High Court of…