The case involves an application filed by Bajaj Rubber Company Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ace Footmark Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for raw materials supplied. During the pendency of the matter, the parties entered into a Settlement Deed, where the Corporate Debtor agreed to pay a certain sum. However, the Corporate Debtor failed to comply with the Settlement Agreement, leading to the restoration of the application.
Bajaj Rubber Company Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ace Footmark Private Limited, the corporate debtor, due to unpaid dues for supplied raw materials. Bajaj Rubber Company is involved in the distribution of chemicals and imports raw materials, while Ace Footmark manufactures footwear products. Bajaj Rubber Company supplied raw materials to Ace Footmark, but Ace Footmark failed to make payments against the invoices raised. The parties entered into a settlement deed on 17.01.2019, where Ace Footmark agreed to pay Rs. 1,32,29,905. Based on this, Bajaj Rubber Company withdrew the petition on 08.02.2019. However, Ace
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The Operational Creditor issued a Demand…
The Corporate…
The case involves an application filed by Bajaj Rubber Company Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ace Footmark Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for raw materials supplied. During the pendency of the matter, the parties entered into a Settlement Deed, where the Corporate Debtor agreed to pay a certain sum. However, the Corporate Debtor failed to comply with the Settlement Agreement, leading to the restoration of the application.
Bajaj Rubber Company Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ace Footmark Private Limited, the corporate debtor, due to unpaid dues for supplied raw materials. Bajaj Rubber Company is involved in the distribution of chemicals and imports raw materials, while Ace Footmark manufactures footwear products. Bajaj Rubber Company supplied raw materials to Ace Footmark, but Ace Footmark failed to make payments against the invoices raised. The parties entered into a settlement deed on 17.01.2019, where Ace Footmark agreed to pay Rs. 1,32,29,905. Based on this, Bajaj Rubber Company withdrew the petition on 08.02.2019. However, Ace
…The Operational Creditor issued a Demand…
The Corporate…