The case involves an application filed by Gangai Earth Movers, an operational creditor, against South Indian Mint and Aromatic Products Limited, the corporate debtor, 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 operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The corporate debtor failed to pay an outstanding debt of Rs.7,75,000/- as of 30.06.2017.
Gangai Earth Movers (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against South Indian Mint and Aromatic Products Limited (Corporate Debtor) for defaulting on a payment of Rs.7,75,000/- as of 30.06.2017. The debt arose from a work order issued by the Corporate Debtor to the Operational Creditor for removing thorny bushes and jungle clearance of approximately 125 acres, costing Rs.8,75,000/-. The Operational Creditor completed the work and raised an invoice after deducting an advance of Rs.1 Lakh. The Corporate Debtor acknowledged the liability in a letter dated 07.07.2017. The Operational Creditor sent a letter on 01.11.2017 requesting payment, but received no reply. A demand notice was sent on 07.11.2017 under
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Corporate Debtor failed…
Corporate Debtor…
The case involves an application filed by Gangai Earth Movers, an operational creditor, against South Indian Mint and Aromatic Products Limited, the corporate debtor, 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 operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The corporate debtor failed to pay an outstanding debt of Rs.7,75,000/- as of 30.06.2017.
Gangai Earth Movers (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against South Indian Mint and Aromatic Products Limited (Corporate Debtor) for defaulting on a payment of Rs.7,75,000/- as of 30.06.2017. The debt arose from a work order issued by the Corporate Debtor to the Operational Creditor for removing thorny bushes and jungle clearance of approximately 125 acres, costing Rs.8,75,000/-. The Operational Creditor completed the work and raised an invoice after deducting an advance of Rs.1 Lakh. The Corporate Debtor acknowledged the liability in a letter dated 07.07.2017. The Operational Creditor sent a letter on 01.11.2017 requesting payment, but received no reply. A demand notice was sent on 07.11.2017 under
…Corporate Debtor failed…
Corporate Debtor…