The case involves an application filed by Esszee Manufacturing Private Limited, the Operational Creditor, against SPG Multi Trade Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total default of Rs.77,32,67,231/-, including a principal amount of Rs.71,14,56,387/- and interest of Rs.6,18,10,844/- at 21% p.a. The Corporate Debtor allegedly failed to make payments for the supply of fabrics, raw cotton bales, plates, and iron steel products.
Esszee Manufacturing Private Limited (Operational Creditor) filed an application against SPG Multi Trade Private Limited (Corporate Debtor) under Section 9 of the I&B Code, 2016, seeking initiation of CIRP. The Operational Creditor claimed a total default of Rs.77,32,67,231/-, including a principal amount of Rs.71,14,56,387/- and interest of Rs.6,18,10,844/- at 21% p.a. The Operational Creditor supplied fabrics, raw cotton bales, plates, and iron steel products to the Corporate Debtor between 26.03.2018 and 07.12.2018. The last invoice was raised on 07.12.2018, with payment due on 10.12.2018, which is considered the date of default. The Corporate Debtor made an irregular payment, with the last payment of Rs.5,00,000/- made on 31.01.2019. The Operational Creditor
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The case involves an application filed by Esszee Manufacturing Private Limited, the Operational Creditor, against SPG Multi Trade Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total default of Rs.77,32,67,231/-, including a principal amount of Rs.71,14,56,387/- and interest of Rs.6,18,10,844/- at 21% p.a. The Corporate Debtor allegedly failed to make payments for the supply of fabrics, raw cotton bales, plates, and iron steel products.
Esszee Manufacturing Private Limited (Operational Creditor) filed an application against SPG Multi Trade Private Limited (Corporate Debtor) under Section 9 of the I&B Code, 2016, seeking initiation of CIRP. The Operational Creditor claimed a total default of Rs.77,32,67,231/-, including a principal amount of Rs.71,14,56,387/- and interest of Rs.6,18,10,844/- at 21% p.a. The Operational Creditor supplied fabrics, raw cotton bales, plates, and iron steel products to the Corporate Debtor between 26.03.2018 and 07.12.2018. The last invoice was raised on 07.12.2018, with payment due on 10.12.2018, which is considered the date of default. The Corporate Debtor made an irregular payment, with the last payment of Rs.5,00,000/- made on 31.01.2019. The Operational Creditor
…Invoices rais…
The applicant…