Sunrise Industries (India) Limited filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against EDAC Engineering Limited, the Corporate Debtor. The Operational Creditor claimed a total due of Rs. 136.14 lakhs, including unpaid invoices and interest. The Corporate Debtor raised objections, including the existence of pre-existing disputes and the claim exceeding the threshold limit under Section 4 of the IBC. The Respondent had also invoked the Arbitration clause and issued a notice to the Petitioner.
Sunrise Industries (India) Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against EDAC Engineering Limited, the Corporate Debtor. The Operational Creditor claimed a total due of Rs. 136.14 lakhs, comprising Rs. 71.82 lakhs as pending principal amount and Rs. 64.31 lakhs as unpaid interest calculated at 24% per annum. The debt allegedly fell due on 18.04.2018. The Corporate Debtor contested the application, asserting that the unpaid due was below the threshold limit and that there was a pre-existing dispute between the parties. The Corporate Debtor had issued a notice to the Petitioner on 06.02.2020, stating that no amount was due.
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The operational debt…
The Operational…
Sunrise Industries (India) Limited filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against EDAC Engineering Limited, the Corporate Debtor. The Operational Creditor claimed a total due of Rs. 136.14 lakhs, including unpaid invoices and interest. The Corporate Debtor raised objections, including the existence of pre-existing disputes and the claim exceeding the threshold limit under Section 4 of the IBC. The Respondent had also invoked the Arbitration clause and issued a notice to the Petitioner.
Sunrise Industries (India) Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against EDAC Engineering Limited, the Corporate Debtor. The Operational Creditor claimed a total due of Rs. 136.14 lakhs, comprising Rs. 71.82 lakhs as pending principal amount and Rs. 64.31 lakhs as unpaid interest calculated at 24% per annum. The debt allegedly fell due on 18.04.2018. The Corporate Debtor contested the application, asserting that the unpaid due was below the threshold limit and that there was a pre-existing dispute between the parties. The Corporate Debtor had issued a notice to the Petitioner on 06.02.2020, stating that no amount was due.
…The operational debt…
The Operational…