The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Lal Behari Singh, the proprietor of Lalji Enterprise (Operational Creditor), against Carnation Industries Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default in payment of Rs. 10,05,566/-, which includes principal and interest. The Operational Creditor supplied bricks, fire clay, and other products to the Corporate Debtor and raised invoices for the same. The Corporate Debtor admitted its liability in a letter dated November 24, 2018, requesting 45 days to clear the outstanding dues. The Operational Creditor sent a Form 3 Demand Notice on January 6, 2020, which the Corporate Debtor
…Lal Behari Singh, operating as Lalji Enterprise, supplied goods (bricks, fire clay, etc.) to Carnation Industries Limited. Invoices were raised, and the Corporate Debtor acknowledged the debt. The total default amount was Rs. 10,05,566/-, including principal (Rs. 6,72,629/-) and interest (Rs. 3,32,937/-) calculated at 24% p.a. from April 1, 2017. The Corporate Debtor paid Rs. 1,00,000/- on May 19, 2018, with the last payment received by the Operational Creditor also on May 19, 2018. The Operational Creditor sent a demand letter on November 17, 2018, and a Form 3 Demand Notice on January 6, 2020. The Corporate Debtor admitted liability on November 24, 2018, requesting 45 days to clear the dues. The Corporate Debtor later raised disputes in a reply dated January 20,
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Lal Behari Singh, the proprietor of Lalji Enterprise (Operational Creditor), against Carnation Industries Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default in payment of Rs. 10,05,566/-, which includes principal and interest. The Operational Creditor supplied bricks, fire clay, and other products to the Corporate Debtor and raised invoices for the same. The Corporate Debtor admitted its liability in a letter dated November 24, 2018, requesting 45 days to clear the outstanding dues. The Operational Creditor sent a Form 3 Demand Notice on January 6, 2020, which the Corporate Debtor
…Lal Behari Singh, operating as Lalji Enterprise, supplied goods (bricks, fire clay, etc.) to Carnation Industries Limited. Invoices were raised, and the Corporate Debtor acknowledged the debt. The total default amount was Rs. 10,05,566/-, including principal (Rs. 6,72,629/-) and interest (Rs. 3,32,937/-) calculated at 24% p.a. from April 1, 2017. The Corporate Debtor paid Rs. 1,00,000/- on May 19, 2018, with the last payment received by the Operational Creditor also on May 19, 2018. The Operational Creditor sent a demand letter on November 17, 2018, and a Form 3 Demand Notice on January 6, 2020. The Corporate Debtor admitted liability on November 24, 2018, requesting 45 days to clear the dues. The Corporate Debtor later raised disputes in a reply dated January 20,
…The date of default is…
The last payment which was received by the…