The case involves an application by Jitendra & Co., an Operational Creditor, against Sehgal Packaging Pvt. Ltd., the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP) due to the Corporate Debtor's 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.
Jitendra & Co. (Operational Creditor) supplied paper and paper board to Sehgal Packaging Pvt. Ltd. (Corporate Debtor) for several years. An outstanding due of Rs. 1,22,00,000/- remained after the financial year 2018. An earlier petition (IB No. 381/ND/2018) was settled with the issuance of eight postdated cheques. Five cheques were honored, but two subsequent cheques were dishonored. The last cheque (No. 023748 dated 2018-10-31) for Rs. 14,19,500/- was returned unpaid due to 'Exceeds Arrangement'. The Operational Creditor sent a demand notice under Section 8 of the Code, which was ignored. The Corporate Debtor did not appear in court after service, leading to ex-parte proceedings. The settlement agreement and issued cheques acknowledged the outstanding liability.
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Outstanding due of Rs.…
Cheque no. 023748 dated…
The case involves an application by Jitendra & Co., an Operational Creditor, against Sehgal Packaging Pvt. Ltd., the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP) due to the Corporate Debtor's 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.
Jitendra & Co. (Operational Creditor) supplied paper and paper board to Sehgal Packaging Pvt. Ltd. (Corporate Debtor) for several years. An outstanding due of Rs. 1,22,00,000/- remained after the financial year 2018. An earlier petition (IB No. 381/ND/2018) was settled with the issuance of eight postdated cheques. Five cheques were honored, but two subsequent cheques were dishonored. The last cheque (No. 023748 dated 2018-10-31) for Rs. 14,19,500/- was returned unpaid due to 'Exceeds Arrangement'. The Operational Creditor sent a demand notice under Section 8 of the Code, which was ignored. The Corporate Debtor did not appear in court after service, leading to ex-parte proceedings. The settlement agreement and issued cheques acknowledged the outstanding liability.
Outstanding due of Rs.…
Cheque no. 023748 dated…