The case involves an application by Mr. Vishal Jain, operating as Jitendra & Co., an Operational Creditor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sehgal Packaging Pvt. Ltd., the Corporate Debtor, due to its inability to liquidate outstanding dues. The Operational Creditor had been dealing with the Corporate Debtor for several years, supplying paper and paper board. After the financial year 2018, an outstanding due of Rs. 1,22,00,000/- remained. An earlier petition under section 9 of the Insolvency and Bankruptcy Code, 2016 (IB No. 381/ND/2018), had culminated in a settlement where eight postdated cheques were issued.
Mr. Vishal Jain, operating as Jitendra & Co., is an Operational Creditor who supplied paper and paper board to Sehgal Packaging Pvt. Ltd., the Corporate Debtor. After the financial year 2018, an outstanding due of Rs. 1,22,00,000/- remained unpaid. An earlier CIRP petition (IB No. 381/ND/2018) was settled with the issuance of eight postdated cheques. Five cheques were honored, but two were dishonored. The Corporate Debtor remitted the amounts under the dishonored instruments. The last postdated cheque, no. 023748 dated 2018-10-31, for Rs. 14,19,500/-, drawn on Allahabad Bank, was also dishonored due to 'Exceeds Arrangement' and remains unpaid. The Operational Creditor sent reminders and a demand notice under section 8 of the IBC, but received no response. The
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An outstanding due of…
Cheque no. 023748 for…
The case involves an application by Mr. Vishal Jain, operating as Jitendra & Co., an Operational Creditor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sehgal Packaging Pvt. Ltd., the Corporate Debtor, due to its inability to liquidate outstanding dues. The Operational Creditor had been dealing with the Corporate Debtor for several years, supplying paper and paper board. After the financial year 2018, an outstanding due of Rs. 1,22,00,000/- remained. An earlier petition under section 9 of the Insolvency and Bankruptcy Code, 2016 (IB No. 381/ND/2018), had culminated in a settlement where eight postdated cheques were issued.
Mr. Vishal Jain, operating as Jitendra & Co., is an Operational Creditor who supplied paper and paper board to Sehgal Packaging Pvt. Ltd., the Corporate Debtor. After the financial year 2018, an outstanding due of Rs. 1,22,00,000/- remained unpaid. An earlier CIRP petition (IB No. 381/ND/2018) was settled with the issuance of eight postdated cheques. Five cheques were honored, but two were dishonored. The Corporate Debtor remitted the amounts under the dishonored instruments. The last postdated cheque, no. 023748 dated 2018-10-31, for Rs. 14,19,500/-, drawn on Allahabad Bank, was also dishonored due to 'Exceeds Arrangement' and remains unpaid. The Operational Creditor sent reminders and a demand notice under section 8 of the IBC, but received no response. The
…An outstanding due of…
Cheque no. 023748 for…