The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated by S. Rama Narayanan, the Petitioner/Operational Creditor, against M/s. Valuemart Gold & Jewels Ltd., the Respondent/Corporate Debtor, under Section 9 of the IBC, 2016. The petition was filed due to a default of Rs. 6,43,200/-, comprising a principal amount of Rs. 3,20,000/- and interest at 24% p.a. The petition was initially filed on 20.11.2019, but faced office objections that were not rectified by the petitioner.
S. Rama Narayanan, an operational creditor, filed C.P.(IB) No.55/BB/2020 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Valuemart Gold & Jewels Ltd., the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was a default of Rs. 6,43,200/-, which included a principal amount of Rs. 3,20,000/- and interest at 24% per annum. The petition was filed on 20.11.2019, and office objections were raised. The petitioner failed to rectify these objections despite being notified via email on 10.12.2019. The case was listed for orders regarding non-compliance on 03.02.2020, but neither the petitioner nor their counsel appeared. The case was then listed for dismissal on 13.02.2020, and again,
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C.P.(IB) No.55/BB/2020…
Office objection note…
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The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated by S. Rama Narayanan, the Petitioner/Operational Creditor, against M/s. Valuemart Gold & Jewels Ltd., the Respondent/Corporate Debtor, under Section 9 of the IBC, 2016. The petition was filed due to a default of Rs. 6,43,200/-, comprising a principal amount of Rs. 3,20,000/- and interest at 24% p.a. The petition was initially filed on 20.11.2019, but faced office objections that were not rectified by the petitioner.
S. Rama Narayanan, an operational creditor, filed C.P.(IB) No.55/BB/2020 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Valuemart Gold & Jewels Ltd., the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was a default of Rs. 6,43,200/-, which included a principal amount of Rs. 3,20,000/- and interest at 24% per annum. The petition was filed on 20.11.2019, and office objections were raised. The petitioner failed to rectify these objections despite being notified via email on 10.12.2019. The case was listed for orders regarding non-compliance on 03.02.2020, but neither the petitioner nor their counsel appeared. The case was then listed for dismissal on 13.02.2020, and again,
…C.P.(IB) No.55/BB/2020…
Office objection note…
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