This case involves an application filed by M/s. Pack World, through its proprietor Kamal Saraf, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against M/s. Classic Corrugations Pvt. Ltd. The application was filed on 18.01.2024. The Corporate Debtor raised objections regarding the maintainability of the application, primarily arguing that a sole proprietorship concern like M/s. Pack World is not a 'person' under the IBC, 2016, and that the PAN number used in the application and invoices belonged to Kamal Kumar Saraf HUF, not the sole proprietorship.
M/s. Pack World, through its proprietor Kamal Saraf, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Classic Corrugations Pvt. Ltd. The application was filed on 18.01.2024. The total claimed amount was Rs.1,82,46,707/-, including principal and interest. The last payment was received on 26.12.2022, which was considered the date of default. A demand notice was issued on 07.11.2023, but it was returned unclaimed. The Corporate Debtor raised objections, stating that M/s. Pack World, being a sole proprietorship, is not a 'person' under the IBC, 2016. They also pointed out that the PAN and GSTIN/UIN numbers on the invoices belonged to Kamal Kumar Saraf HUF, not M/s. Pack World. The invoices were raised by KK
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M/s. Pack World filed…
The last payment was…
This case involves an application filed by M/s. Pack World, through its proprietor Kamal Saraf, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against M/s. Classic Corrugations Pvt. Ltd. The application was filed on 18.01.2024. The Corporate Debtor raised objections regarding the maintainability of the application, primarily arguing that a sole proprietorship concern like M/s. Pack World is not a 'person' under the IBC, 2016, and that the PAN number used in the application and invoices belonged to Kamal Kumar Saraf HUF, not the sole proprietorship.
M/s. Pack World, through its proprietor Kamal Saraf, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Classic Corrugations Pvt. Ltd. The application was filed on 18.01.2024. The total claimed amount was Rs.1,82,46,707/-, including principal and interest. The last payment was received on 26.12.2022, which was considered the date of default. A demand notice was issued on 07.11.2023, but it was returned unclaimed. The Corporate Debtor raised objections, stating that M/s. Pack World, being a sole proprietorship, is not a 'person' under the IBC, 2016. They also pointed out that the PAN and GSTIN/UIN numbers on the invoices belonged to Kamal Kumar Saraf HUF, not M/s. Pack World. The invoices were raised by KK
…M/s. Pack World filed…
The last payment was…