The case involves an application filed by Kishan Kumar Daga, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Siang Tea and Industries Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for coal supplied between April 2018 and August 2019. The corporate debtor opposed the application, arguing that there was no agreed-upon payment period, that payments were made periodically, and that the demand notice was issued during the COVID-19 moratorium period.
Kishan Kumar Daga, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Siang Tea and Industries Private Limited, a corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for coal supplied between April 2, 2018, and August 31, 2019, amounting to Rs. 1,32,38,937. The operational creditor claimed a total debt of Rs. 1,51,77,515.00, including principal and interest calculated up to January 25, 2021. The corporate debtor made a last payment of Rs. 1,50,000 on August 7, 2020. The operational creditor issued a demand notice on January 25, 2021. The corporate debtor argued that there was no agreed-upon payment period, that payments were made periodically,
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Operational Creditor…
Operational Creditor…
The case involves an application filed by Kishan Kumar Daga, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Siang Tea and Industries Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for coal supplied between April 2018 and August 2019. The corporate debtor opposed the application, arguing that there was no agreed-upon payment period, that payments were made periodically, and that the demand notice was issued during the COVID-19 moratorium period.
Kishan Kumar Daga, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Siang Tea and Industries Private Limited, a corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for coal supplied between April 2, 2018, and August 31, 2019, amounting to Rs. 1,32,38,937. The operational creditor claimed a total debt of Rs. 1,51,77,515.00, including principal and interest calculated up to January 25, 2021. The corporate debtor made a last payment of Rs. 1,50,000 on August 7, 2020. The operational creditor issued a demand notice on January 25, 2021. The corporate debtor argued that there was no agreed-upon payment period, that payments were made periodically,
…Operational Creditor…
Operational Creditor…