The case involves an application filed by Mansi Logistics, an operational creditor, against Cubatics Processors India Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The claim is for a default amount of Rs. 1,00,05,664/-, with the date of default stated to be between 03.04.2021 and 11.10.2021, during which various debit notes were raised. The operational creditor and corporate debtor had an agreement where the corporate debtor would purchase lignite from GMDC, with the operational creditor making payments to GMDC on behalf of the corporate debtor, and the corporate debtor was supposed to repay the money back to the operational creditor.
Mansi Logistics, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Cubatics Processors India Private Limited, the corporate debtor, seeking initiation of CIRP. The claim was for Rs. 1,00,05,664/-, representing the amount defaulted between 03.04.2021 and 11.10.2021, as evidenced by debit notes. Mansi Logistics and Cubatics Processors had an agreement where Mansi Logistics would pay GMDC for lignite purchased by Cubatics, and Cubatics would then repay Mansi Logistics. Cubatics admitted to facing financial difficulties in its reply affidavit. The operational creditor sent demand notices dated 23.01.2024 and 09.04.2024. The NCLT found that the default amount exceeded the threshold limit under Section 4 of
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The case involves an application filed by Mansi Logistics, an operational creditor, against Cubatics Processors India Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The claim is for a default amount of Rs. 1,00,05,664/-, with the date of default stated to be between 03.04.2021 and 11.10.2021, during which various debit notes were raised. The operational creditor and corporate debtor had an agreement where the corporate debtor would purchase lignite from GMDC, with the operational creditor making payments to GMDC on behalf of the corporate debtor, and the corporate debtor was supposed to repay the money back to the operational creditor.
Mansi Logistics, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Cubatics Processors India Private Limited, the corporate debtor, seeking initiation of CIRP. The claim was for Rs. 1,00,05,664/-, representing the amount defaulted between 03.04.2021 and 11.10.2021, as evidenced by debit notes. Mansi Logistics and Cubatics Processors had an agreement where Mansi Logistics would pay GMDC for lignite purchased by Cubatics, and Cubatics would then repay Mansi Logistics. Cubatics admitted to facing financial difficulties in its reply affidavit. The operational creditor sent demand notices dated 23.01.2024 and 09.04.2024. The NCLT found that the default amount exceeded the threshold limit under Section 4 of
…The date from which the…
The date until which…