The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Universal Cartons Solutions Private Limited (Operational Creditor) against Bansadari Bottlers Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied between August 2016 and January 2017. The Corporate Debtor argued that the claim pertained to Jagatjit Industries Ltd., not them, and the claim was time-barred. The Adjudicating Authority considered whether the demand notice was served, whether the debt was disputed, and whether the application was within limitation.
Universal Cartons Solutions Private Limited (Operational Creditor) filed a petition against Bansadari Bottlers Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor supplied monocartons and paper board cartons to the Corporate Debtor between August 2016 and January 2017, for which invoices amounting to Rs. 33,35,557 were raised. These invoices were to be paid within 90 days, with a 30% per annum interest on delayed payments. The Corporate Debtor failed to pay the dues. A legal notice was sent on 25.07.2017, after which a reconciliation meeting was held on 19.12.2017, where the Corporate Debtor acknowledged the liability. The Corporate Debtor still failed to pay. The Operational
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Corporate Debtor purchased goods from…
Corporate Debtor purchased goods from…
The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Universal Cartons Solutions Private Limited (Operational Creditor) against Bansadari Bottlers Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied between August 2016 and January 2017. The Corporate Debtor argued that the claim pertained to Jagatjit Industries Ltd., not them, and the claim was time-barred. The Adjudicating Authority considered whether the demand notice was served, whether the debt was disputed, and whether the application was within limitation.
Universal Cartons Solutions Private Limited (Operational Creditor) filed a petition against Bansadari Bottlers Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor supplied monocartons and paper board cartons to the Corporate Debtor between August 2016 and January 2017, for which invoices amounting to Rs. 33,35,557 were raised. These invoices were to be paid within 90 days, with a 30% per annum interest on delayed payments. The Corporate Debtor failed to pay the dues. A legal notice was sent on 25.07.2017, after which a reconciliation meeting was held on 19.12.2017, where the Corporate Debtor acknowledged the liability. The Corporate Debtor still failed to pay. The Operational
…Corporate Debtor purchased goods from…
Corporate Debtor purchased goods from…