Bhagwati Corporation, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Shrinidhi Laminates Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on unpaid dues for the supply of Lignite Coal. The respondent is a company registered under the Companies Act, 1956. The applicant claimed that the respondent had placed an oral order for the supply of Lignite Coal, and the applicant had been supplying the same under different debit notes for several years. A running account was maintained, and a sum of Rs. 42,42,466.49 was due as of September 31, 2016, towards the principal amount, along with Rs. 7,00,486 towards interest at 18% per annum
…Bhagwati Corporation, an operational creditor, filed an application against Shrinidhi Laminates Limited, the corporate debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. The application was based on unpaid dues for the supply of Lignite Coal. The respondent is a company registered under the Companies Act, 1956. The applicant claimed that the respondent had placed an oral order for the supply of Lignite Coal, and the applicant had been supplying the same under different debit notes for several years. A running account was maintained, and a sum of Rs. 42,42,466.49 was due as of September 31, 2016, towards the principal amount, along with Rs. 7,00,486 towards interest at 18% per annum until September 30, 2016. The respondent issued 11 cheques for
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Bhagwati Corporation, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Shrinidhi Laminates Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on unpaid dues for the supply of Lignite Coal. The respondent is a company registered under the Companies Act, 1956. The applicant claimed that the respondent had placed an oral order for the supply of Lignite Coal, and the applicant had been supplying the same under different debit notes for several years. A running account was maintained, and a sum of Rs. 42,42,466.49 was due as of September 31, 2016, towards the principal amount, along with Rs. 7,00,486 towards interest at 18% per annum
…Bhagwati Corporation, an operational creditor, filed an application against Shrinidhi Laminates Limited, the corporate debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. The application was based on unpaid dues for the supply of Lignite Coal. The respondent is a company registered under the Companies Act, 1956. The applicant claimed that the respondent had placed an oral order for the supply of Lignite Coal, and the applicant had been supplying the same under different debit notes for several years. A running account was maintained, and a sum of Rs. 42,42,466.49 was due as of September 31, 2016, towards the principal amount, along with Rs. 7,00,486 towards interest at 18% per annum until September 30, 2016. The respondent issued 11 cheques for
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