The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by Saraswati Wire & Cable Industries, the Operational Creditor, against Dhanlaxmi Electricals Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The company petition was filed claiming a total debt of Rs. 2,04,20,800/-, with the principal amount defaulted being Rs. 1,79,93,691/- and interest of Rs. 85,27,110/- till 24.08.2021. The date of default was 21.11.2019. The Operational Creditor issued a demand notice on 25.08.2021, and the Corporate Debtor replied on 20.11.2021, raising disputes regarding certain invoices.
Saraswati Wire & Cable Industries filed a petition against Dhanlaxmi Electricals Private Limited under Section 9 of the I&B Code, 2016, seeking initiation of CIRP. The total debt claimed was Rs. 2,04,20,800/-, comprising a principal amount of Rs. 1,79,93,691/- and interest of Rs. 85,27,110/-. The date of default was 21.11.2019. A demand notice was issued by the Operational Creditor on 25.08.2021. The Corporate Debtor replied on 20.11.2021, disputing two invoices. The Operational Creditor presented an email from the Corporate Debtor acknowledging the debt. The Corporate Debtor had made a payment of Rs. 61,00,000/- after the demand notice. The NCLT observed that the Corporate Debtor failed to file a reply despite being granted time. The NCLT found no pre-existing
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The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by Saraswati Wire & Cable Industries, the Operational Creditor, against Dhanlaxmi Electricals Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The company petition was filed claiming a total debt of Rs. 2,04,20,800/-, with the principal amount defaulted being Rs. 1,79,93,691/- and interest of Rs. 85,27,110/- till 24.08.2021. The date of default was 21.11.2019. The Operational Creditor issued a demand notice on 25.08.2021, and the Corporate Debtor replied on 20.11.2021, raising disputes regarding certain invoices.
Saraswati Wire & Cable Industries filed a petition against Dhanlaxmi Electricals Private Limited under Section 9 of the I&B Code, 2016, seeking initiation of CIRP. The total debt claimed was Rs. 2,04,20,800/-, comprising a principal amount of Rs. 1,79,93,691/- and interest of Rs. 85,27,110/-. The date of default was 21.11.2019. A demand notice was issued by the Operational Creditor on 25.08.2021. The Corporate Debtor replied on 20.11.2021, disputing two invoices. The Operational Creditor presented an email from the Corporate Debtor acknowledging the debt. The Corporate Debtor had made a payment of Rs. 61,00,000/- after the demand notice. The NCLT observed that the Corporate Debtor failed to file a reply despite being granted time. The NCLT found no pre-existing
…The Corporate Debtor…
The Operational…