The application was filed on 20.03.2023 by Saheb Impex, an operational creditor, through its partner Raviraj Tapulal Aghara, against Camerich Papers Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor sought to initiate CIRP due to the corporate debtor's default in payment of an operational debt amounting to Rs. 4,18,51,629.68, including interest. The applicant stated that they supplied waste papers to the respondent between 03.09.2019 and 24.12.2022, based on an oral agreement. Despite repeated reminders, the corporate debtor failed to
…Saheb Impex, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Camerich Papers Pvt. Ltd., the corporate debtor. Saheb Impex claimed that Camerich Papers defaulted on an operational debt of Rs. 4,18,51,629.68, including interest. The debt arose from the supply of waste papers by Saheb Impex to Camerich Papers between 03.09.2019 and 24.12.2022, based on an oral agreement. Invoices were raised with a clause stipulating 18% per annum interest on delayed payments, with payment due within 15 days of invoice issuance. A demand notice was issued on 16.01.2023, but Camerich Papers failed to reply or make the payment. The application was filed on
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The application was filed on 20.03.2023 by Saheb Impex, an operational creditor, through its partner Raviraj Tapulal Aghara, against Camerich Papers Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor sought to initiate CIRP due to the corporate debtor's default in payment of an operational debt amounting to Rs. 4,18,51,629.68, including interest. The applicant stated that they supplied waste papers to the respondent between 03.09.2019 and 24.12.2022, based on an oral agreement. Despite repeated reminders, the corporate debtor failed to
…Saheb Impex, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Camerich Papers Pvt. Ltd., the corporate debtor. Saheb Impex claimed that Camerich Papers defaulted on an operational debt of Rs. 4,18,51,629.68, including interest. The debt arose from the supply of waste papers by Saheb Impex to Camerich Papers between 03.09.2019 and 24.12.2022, based on an oral agreement. Invoices were raised with a clause stipulating 18% per annum interest on delayed payments, with payment due within 15 days of invoice issuance. A demand notice was issued on 16.01.2023, but Camerich Papers failed to reply or make the payment. The application was filed on
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