The case pertains to an application filed by E Rajaram & Co., an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against K G Denim Ltd., the Corporate Debtor.
E Rajaram & Co. filed a petition under Section 9 of the IBC, 2016, against K G Denim Ltd. for initiating CIRP.
The Operational Creditor claimed a debt of Rs. 1,26,92,581/- from June 2020 to March 2024.
K G Denim Ltd. acknowledged the debt in a reply letter dated 31.07.2024 but cited water scarcity and banking issues as reasons for non-payment.
The Operational Creditor issued a demand notice dated 01.03.2025, which was delivered to the Corporate Debtor on 04.03.2025.
The Corporate Debtor did not deny the existence of the debt or raise any pre-existing dispute.
The Tribunal observed that the debt amount exceeded the threshold limit of Rs. 1 Crore.
The Tribunal appointed S Sundar Raman as the Interim Resolution Professional (IRP).
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The debt perio…
The debt period…
The case pertains to an application filed by E Rajaram & Co., an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against K G Denim Ltd., the Corporate Debtor.
E Rajaram & Co. filed a petition under Section 9 of the IBC, 2016, against K G Denim Ltd. for initiating CIRP.
The Operational Creditor claimed a debt of Rs. 1,26,92,581/- from June 2020 to March 2024.
K G Denim Ltd. acknowledged the debt in a reply letter dated 31.07.2024 but cited water scarcity and banking issues as reasons for non-payment.
The Operational Creditor issued a demand notice dated 01.03.2025, which was delivered to the Corporate Debtor on 04.03.2025.
The Corporate Debtor did not deny the existence of the debt or raise any pre-existing dispute.
The Tribunal observed that the debt amount exceeded the threshold limit of Rs. 1 Crore.
The Tribunal appointed S Sundar Raman as the Interim Resolution Professional (IRP).
The debt perio…
The debt period…