This case involves a Company Petition (CP (IB) No. 4555/MB/2018) filed by M/s. Shreerang Agencies (Operational Creditor - OC) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Alpack Paper Packaging Private Limited (Corporate Debtor - CD). The OC claimed a default amount of Rs. 51,15,180/- based on unpaid dues for the supply of goods. The application was initially dismissed for non-prosecution but later restored. The OC contended that despite the mentioned date of default being 01.04.2018, the continuous cause of action survived due to a last payment made on 08.05.2018.
M/s. Shreerang Agencies (OC) filed CP (IB) No. 4555/MB/2018 under Section 9 of IBC against M/s. Alpack Paper Packaging Private Limited (CD) for a default of Rs. 51,15,180/- related to unpaid supply of goods. The OC and CD had a long-standing business relationship. The OC issued several cheques which were dishonored due to insufficient funds. The OC sent a notice dated 23.08.2013 under Section 138 of the Negotiable Instruments Act, 1881. Subsequently, the OC issued a demand notice on 11.04.2018. The CD refuted the OC's claims, stating their claim was limited to Rs. 10,94,399/-, with Rs. 5,05,000/- already paid. The CD also claimed to have made part payments of Rs. 50,000/- on 02.05.2018 and Rs. 50,000/- on 23.08.2018, which the OC failed to encash. The CD alleged that
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Company Petition (CP…
Operational Creditor…
This case involves a Company Petition (CP (IB) No. 4555/MB/2018) filed by M/s. Shreerang Agencies (Operational Creditor - OC) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Alpack Paper Packaging Private Limited (Corporate Debtor - CD). The OC claimed a default amount of Rs. 51,15,180/- based on unpaid dues for the supply of goods. The application was initially dismissed for non-prosecution but later restored. The OC contended that despite the mentioned date of default being 01.04.2018, the continuous cause of action survived due to a last payment made on 08.05.2018.
M/s. Shreerang Agencies (OC) filed CP (IB) No. 4555/MB/2018 under Section 9 of IBC against M/s. Alpack Paper Packaging Private Limited (CD) for a default of Rs. 51,15,180/- related to unpaid supply of goods. The OC and CD had a long-standing business relationship. The OC issued several cheques which were dishonored due to insufficient funds. The OC sent a notice dated 23.08.2013 under Section 138 of the Negotiable Instruments Act, 1881. Subsequently, the OC issued a demand notice on 11.04.2018. The CD refuted the OC's claims, stating their claim was limited to Rs. 10,94,399/-, with Rs. 5,05,000/- already paid. The CD also claimed to have made part payments of Rs. 50,000/- on 02.05.2018 and Rs. 50,000/- on 23.08.2018, which the OC failed to encash. The CD alleged that
…Company Petition (CP…
Operational Creditor…