The case originates from a Company Petition (CP(IB) No. 52/9/HDB/2017) filed by M/s Rama Road Lines and others (Operational Creditors) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petitioners sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Sirpur Paper Mills Limited (Corporate Debtor). The operational creditor, M/s Rama Road Lines, along with its entities, provided services such as transportation of furnace oil and coal feeding to boilers. When the respondent failed to pay outstanding dues, the petitioner issued three demand notices. The respondent, Sirpur Paper Mills, acknowledged its financial difficulties,
…M/s Rama Road Lines and associated entities (Reliable Industrial Equipment Services, Reliable Paper Products) provided services to Sirpur Paper Mills Ltd, including transportation of furnace oil and coal feeding to boilers. Sirpur Paper Mills failed to pay a total of Rs. 51,86,975 for these services. The Operational Creditor issued three demand notices dated February 6, 2017, to Sirpur Paper Mills. Sirpur Paper Mills acknowledged the debt but stated that they had stopped production in September 2014 due to financial difficulties. Lenders had initiated recovery proceedings under the SARFAESI Act, 2002, and taken possession of the factory. Sirpur Paper Mills had also filed a reference before BIFR. The Operational Creditor argued that they had fulfilled all conditions
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Sirpur Paper Mills…
Lenders initiated recovery proceedings under…
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The case originates from a Company Petition (CP(IB) No. 52/9/HDB/2017) filed by M/s Rama Road Lines and others (Operational Creditors) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petitioners sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Sirpur Paper Mills Limited (Corporate Debtor). The operational creditor, M/s Rama Road Lines, along with its entities, provided services such as transportation of furnace oil and coal feeding to boilers. When the respondent failed to pay outstanding dues, the petitioner issued three demand notices. The respondent, Sirpur Paper Mills, acknowledged its financial difficulties,
…M/s Rama Road Lines and associated entities (Reliable Industrial Equipment Services, Reliable Paper Products) provided services to Sirpur Paper Mills Ltd, including transportation of furnace oil and coal feeding to boilers. Sirpur Paper Mills failed to pay a total of Rs. 51,86,975 for these services. The Operational Creditor issued three demand notices dated February 6, 2017, to Sirpur Paper Mills. Sirpur Paper Mills acknowledged the debt but stated that they had stopped production in September 2014 due to financial difficulties. Lenders had initiated recovery proceedings under the SARFAESI Act, 2002, and taken possession of the factory. Sirpur Paper Mills had also filed a reference before BIFR. The Operational Creditor argued that they had fulfilled all conditions
…Sirpur Paper Mills…
Lenders initiated recovery proceedings under…
Sign in to view related legal provisions.