Nilkamal Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against U.I. Beverages Pvt. Ltd., the corporate debtor, due to unpaid operational debt. The operational creditor supplied plastic crates to the corporate debtor, and the debt became due from the respective dates of the invoices. The corporate debtor issued cheques for partial discharge of its liability, which were dishonored. The corporate debtor also admitted its liability along with 18% interest for delay in payment through an e-mail dated 13.10.2015 and a letter dated 16.01.2016. A Memorandum of Understanding dated 01.03.2016 was executed between the parties, where the
…Nilkamal Limited (Operational Creditor) supplied plastic crates to U.I. Beverages Pvt. Ltd. (Corporate Debtor). The Corporate Debtor failed to make payments against various invoices, leading to an operational debt. The Corporate Debtor issued cheques for partial discharge of its liability, which were dishonored. The Corporate Debtor admitted its liability along with 18% interest for delay in payment via email dated 2015-10-13 and letter dated 2016-01-16. A Memorandum of Understanding (MOU) dated 2016-03-01 was executed, where the Corporate Debtor admitted the liability and confirmed the issuance of cheques and admitted interest for delay in payment at 18% per annum. The Operational Creditor requested the Corporate Debtor to issue ‘C' Form in respect of supplies made,
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U.I. Beverages Pvt.…
Corporate Debtor…
Nilkamal Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against U.I. Beverages Pvt. Ltd., the corporate debtor, due to unpaid operational debt. The operational creditor supplied plastic crates to the corporate debtor, and the debt became due from the respective dates of the invoices. The corporate debtor issued cheques for partial discharge of its liability, which were dishonored. The corporate debtor also admitted its liability along with 18% interest for delay in payment through an e-mail dated 13.10.2015 and a letter dated 16.01.2016. A Memorandum of Understanding dated 01.03.2016 was executed between the parties, where the
…Nilkamal Limited (Operational Creditor) supplied plastic crates to U.I. Beverages Pvt. Ltd. (Corporate Debtor). The Corporate Debtor failed to make payments against various invoices, leading to an operational debt. The Corporate Debtor issued cheques for partial discharge of its liability, which were dishonored. The Corporate Debtor admitted its liability along with 18% interest for delay in payment via email dated 2015-10-13 and letter dated 2016-01-16. A Memorandum of Understanding (MOU) dated 2016-03-01 was executed, where the Corporate Debtor admitted the liability and confirmed the issuance of cheques and admitted interest for delay in payment at 18% per annum. The Operational Creditor requested the Corporate Debtor to issue ‘C' Form in respect of supplies made,
…U.I. Beverages Pvt.…
Corporate Debtor…