The case involves an application filed by Mahashakti Plasto Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Archis Enterprises (India) Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in payment of operational debt amounting to Rs. 2,38,72,482/- inclusive of interest. The Corporate Debtor failed to submit a reply despite multiple opportunities granted by the Tribunal.
Mahashakti Plasto Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Archis Enterprises (India) Private Limited (Corporate Debtor). The Operational Creditor supplied Kraft paper to the Corporate Debtor between 18.01.2018 and 01.12.2018. The invoices remained unpaid, leading to a total outstanding of Rs. 2,38,72,482.00/- as of 31.03.2019, including interest of Rs. 11,60,612/-. A demand notice was issued on 04.04.2019. The Corporate Debtor acknowledged the debt but expressed inability to pay due to market fluctuations and internal financial issues. A part payment of Rs. 3,00,000/- was made on 25.11.2020. The Corporate Debtor failed to
…Sign in to view the parties.
Operational Creditor…
Last supply of Kraft…
The case involves an application filed by Mahashakti Plasto Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Archis Enterprises (India) Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in payment of operational debt amounting to Rs. 2,38,72,482/- inclusive of interest. The Corporate Debtor failed to submit a reply despite multiple opportunities granted by the Tribunal.
Mahashakti Plasto Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Archis Enterprises (India) Private Limited (Corporate Debtor). The Operational Creditor supplied Kraft paper to the Corporate Debtor between 18.01.2018 and 01.12.2018. The invoices remained unpaid, leading to a total outstanding of Rs. 2,38,72,482.00/- as of 31.03.2019, including interest of Rs. 11,60,612/-. A demand notice was issued on 04.04.2019. The Corporate Debtor acknowledged the debt but expressed inability to pay due to market fluctuations and internal financial issues. A part payment of Rs. 3,00,000/- was made on 25.11.2020. The Corporate Debtor failed to
…Operational Creditor…
Last supply of Kraft…