The case involves an Insolvency and Bankruptcy Application (IBA/87/2020) filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application was initiated by M/s. Prakash Chemical Company, the Operational Creditor, against M/s. Selathaar Tanning Industries Private Limited, the Corporate Debtor, due to a default in payment of Rs.1,51,788/- as of 2017-06-12, along with interest at 24% per annum. An Interim Resolution Professional (IRP) was appointed in a prior order (IBA/83/2020).
M/s. Prakash Chemical Company, acting as the Operational Creditor, filed an Insolvency and Bankruptcy Application (IBA/87/2020) against M/s. Selathaar Tanning Industries Private Limited, the Corporate Debtor. The application was based on the Corporate Debtor's default in paying Rs.1,51,788/- as of 2017-06-12, with an interest rate of 24% per annum. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) had already been appointed in a prior order (IBA/83/2020). The court ultimately dismissed the application.
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The Corporate…
M/s. Prakash Chemical…
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The case involves an Insolvency and Bankruptcy Application (IBA/87/2020) filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application was initiated by M/s. Prakash Chemical Company, the Operational Creditor, against M/s. Selathaar Tanning Industries Private Limited, the Corporate Debtor, due to a default in payment of Rs.1,51,788/- as of 2017-06-12, along with interest at 24% per annum. An Interim Resolution Professional (IRP) was appointed in a prior order (IBA/83/2020).
M/s. Prakash Chemical Company, acting as the Operational Creditor, filed an Insolvency and Bankruptcy Application (IBA/87/2020) against M/s. Selathaar Tanning Industries Private Limited, the Corporate Debtor. The application was based on the Corporate Debtor's default in paying Rs.1,51,788/- as of 2017-06-12, with an interest rate of 24% per annum. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) had already been appointed in a prior order (IBA/83/2020). The court ultimately dismissed the application.
The Corporate…
M/s. Prakash Chemical…
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