The case originates from 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 and Bankruptcy Code (I&B 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. The Corporate Debtor allegedly defaulted on payments for fabrics, raw cotton bales, plates, and iron steel products supplied by the Operational Creditor between March and December 2018. The Operational Creditor issued a demand notice after the Corporate Debtor failed to make payments despite assurances and
…Esszee Manufacturing Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SPG Multi Trade Private Limited (Corporate Debtor) for initiating 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 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.
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The case originates from 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 and Bankruptcy Code (I&B 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. The Corporate Debtor allegedly defaulted on payments for fabrics, raw cotton bales, plates, and iron steel products supplied by the Operational Creditor between March and December 2018. The Operational Creditor issued a demand notice after the Corporate Debtor failed to make payments despite assurances and
…Esszee Manufacturing Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SPG Multi Trade Private Limited (Corporate Debtor) for initiating 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 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.
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