The case involves a company petition filed by Mr. E. Karthick Shanmuga Nathan, the sole proprietor of M/s. Sri Karthic Polypacks (Operational Creditor), against M/s. Sri Chandra Moulishvar Spinning Mills Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for packing materials supplied over time. Despite requests and reminders, the Corporate Debtor failed to pay the outstanding debt of Rs. 7,17,626/-, although a part payment of Rs. 50,000/- was made. The Operational Creditor issued a demand notice dated 05.04.2018 as per the provisions under section 8 of the IB Code 2016 r/w Rule 5 of the IB Rules 2016.
M/s. Sri Karthic Polypacks, the Operational Creditor, filed a company petition against M/s. Sri Chandra Moulishvar Spinning Mills Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor supplied packing materials to the Corporate Debtor based on their requirements. The materials were supplied on credit against specific invoices. The Corporate Debtor defaulted on payments, leaving an outstanding debt of Rs. 7,17,626/-. A part payment of Rs. 50,000/- was made. The Operational Creditor sent a demand notice dated 05.04.2018, calling for payment of the outstanding dues, including principal and interest at 24% p.a. from 21.06.2017. The Corporate Debtor did not file any counter to the petition. The
…Sign in to view the parties.
The Operational Creditor sent a Demand Notice to…
The Adjudicating Authority delivered the order…
The case involves a company petition filed by Mr. E. Karthick Shanmuga Nathan, the sole proprietor of M/s. Sri Karthic Polypacks (Operational Creditor), against M/s. Sri Chandra Moulishvar Spinning Mills Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for packing materials supplied over time. Despite requests and reminders, the Corporate Debtor failed to pay the outstanding debt of Rs. 7,17,626/-, although a part payment of Rs. 50,000/- was made. The Operational Creditor issued a demand notice dated 05.04.2018 as per the provisions under section 8 of the IB Code 2016 r/w Rule 5 of the IB Rules 2016.
M/s. Sri Karthic Polypacks, the Operational Creditor, filed a company petition against M/s. Sri Chandra Moulishvar Spinning Mills Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor supplied packing materials to the Corporate Debtor based on their requirements. The materials were supplied on credit against specific invoices. The Corporate Debtor defaulted on payments, leaving an outstanding debt of Rs. 7,17,626/-. A part payment of Rs. 50,000/- was made. The Operational Creditor sent a demand notice dated 05.04.2018, calling for payment of the outstanding dues, including principal and interest at 24% p.a. from 21.06.2017. The Corporate Debtor did not file any counter to the petition. The
…The Operational Creditor sent a Demand Notice to…
The Adjudicating Authority delivered the order…