The case involves an application filed by R C Trading, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Apeejay Tea Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed default in payment for the supply of coal to the corporate debtor's tea gardens. The corporate debtor contested the application, alleging collusion between the operational creditor and its former supply chain manager, Partha Sarathy Chatterjee, who was accused of approving inflated bills in exchange for kickbacks. The corporate debtor had also filed a civil suit against the operational creditor and Chatterjee before the Calcutta High Court, seeking damages for the alleged
…R C Trading, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Apeejay Tea Limited, the corporate debtor, for default in payment for the supply of coal. The principal amounts claimed to be in default were Rs.7,55,546/- due on 30.08.2016 and Rs. 41,97,030/- due on 15.04.2016, totaling Rs. 49,52,576/-, with interest calculated at 18%, amounting to Rs.13,58,507/- up to May 01, 2018, resulting in a total amount of Rs. 63,11,086/-. The corporate debtor alleged that the operational creditor colluded with its former supply chain manager, Partha Sarathy Chatterjee, who was accused of approving inflated bills in exchange for kickbacks. The corporate debtor filed a civil suit against the operational creditor and
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Apeejay Tea Limited…
Corporate Debtor issued…
The case involves an application filed by R C Trading, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Apeejay Tea Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed default in payment for the supply of coal to the corporate debtor's tea gardens. The corporate debtor contested the application, alleging collusion between the operational creditor and its former supply chain manager, Partha Sarathy Chatterjee, who was accused of approving inflated bills in exchange for kickbacks. The corporate debtor had also filed a civil suit against the operational creditor and Chatterjee before the Calcutta High Court, seeking damages for the alleged
…R C Trading, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Apeejay Tea Limited, the corporate debtor, for default in payment for the supply of coal. The principal amounts claimed to be in default were Rs.7,55,546/- due on 30.08.2016 and Rs. 41,97,030/- due on 15.04.2016, totaling Rs. 49,52,576/-, with interest calculated at 18%, amounting to Rs.13,58,507/- up to May 01, 2018, resulting in a total amount of Rs. 63,11,086/-. The corporate debtor alleged that the operational creditor colluded with its former supply chain manager, Partha Sarathy Chatterjee, who was accused of approving inflated bills in exchange for kickbacks. The corporate debtor filed a civil suit against the operational creditor and
…Apeejay Tea Limited…
Corporate Debtor issued…