M/s Impex Services India Private Limited, the Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s SSMP Industries Limited, the Respondent, for a default of Rs. 18,74,173.22 for services rendered. The Applicant provided freight forwarding services to the Respondent for about 2 years, and the Respondent became irregular in clearing dues from November 2016. The Respondent admitted to owing Rs. 16,95,406.31 via email dated 19.04.2017. The Respondent issued a letter dated 01.09.2017, inviting the Applicant to solve the dispute via conciliation proceedings, after receiving the demand notice. The Applicant contends this was malafide conduct.
M/s Impex Services India Private Limited (Applicant) sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s SSMP Industries Limited (Respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016, due to an alleged default of Rs. 18,74,173.22 for services rendered. The Applicant provided freight forwarding services to the Respondent for approximately two years, with the Respondent becoming irregular in payments from November 2016. The Respondent, via email dated 19.04.2017, admitted owing Rs. 16,95,406.31. The Applicant issued a demand notice on 06.09.2017. The Respondent, instead of making payment, issued a letter dated 01.09.2017, inviting the Applicant to resolve the dispute through conciliation. The Applicant argues that the
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M/s Impex Services India Private Limited, the Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s SSMP Industries Limited, the Respondent, for a default of Rs. 18,74,173.22 for services rendered. The Applicant provided freight forwarding services to the Respondent for about 2 years, and the Respondent became irregular in clearing dues from November 2016. The Respondent admitted to owing Rs. 16,95,406.31 via email dated 19.04.2017. The Respondent issued a letter dated 01.09.2017, inviting the Applicant to solve the dispute via conciliation proceedings, after receiving the demand notice. The Applicant contends this was malafide conduct.
M/s Impex Services India Private Limited (Applicant) sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s SSMP Industries Limited (Respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016, due to an alleged default of Rs. 18,74,173.22 for services rendered. The Applicant provided freight forwarding services to the Respondent for approximately two years, with the Respondent becoming irregular in payments from November 2016. The Respondent, via email dated 19.04.2017, admitted owing Rs. 16,95,406.31. The Applicant issued a demand notice on 06.09.2017. The Respondent, instead of making payment, issued a letter dated 01.09.2017, inviting the Applicant to resolve the dispute through conciliation. The Applicant argues that the
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The Respondent admitted…