The case pertains to a Company Petition (IB) No. 111/09/AMR/2022 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Mr. Shiv Kumar Jain, an operational creditor, against Fans Asia Private Limited, the corporate debtor. The operational creditor claimed a default of Rs. 9,75,02,061/- inclusive of interest. The corporate debtor contested the application, primarily on the grounds of non-receipt of demand notice under Section 8 of the IBC and limitation. The operational creditor contended that the demand notice was duly served, and the application was within the limitation period due to intermittent payments made by the corporate debtor.
Mr. Shiv Kumar Jain, proprietor of Panna Lal Jain & Sons, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Fans Asia Private Limited, claiming to be an operational creditor. Between 2016 and 2019, the operational creditor supplied materials like GI Pipes, MS Pipes, and TMT bars to the corporate debtor at various sites. The operational creditor raised invoices, but the corporate debtor allegedly did not reconcile the balance statements or respond to emails. A demand notice dated 20.07.2021 was issued under Section 8 of the IBC, but the corporate debtor failed to repay the debt of Rs. 9,75,02,061/-, inclusive of interest. The corporate debtor claimed non-receipt of the demand notice due to a shifted office. The operational
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Between 2016 and 2019, the operational…
The operational…
The case pertains to a Company Petition (IB) No. 111/09/AMR/2022 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Mr. Shiv Kumar Jain, an operational creditor, against Fans Asia Private Limited, the corporate debtor. The operational creditor claimed a default of Rs. 9,75,02,061/- inclusive of interest. The corporate debtor contested the application, primarily on the grounds of non-receipt of demand notice under Section 8 of the IBC and limitation. The operational creditor contended that the demand notice was duly served, and the application was within the limitation period due to intermittent payments made by the corporate debtor.
Mr. Shiv Kumar Jain, proprietor of Panna Lal Jain & Sons, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Fans Asia Private Limited, claiming to be an operational creditor. Between 2016 and 2019, the operational creditor supplied materials like GI Pipes, MS Pipes, and TMT bars to the corporate debtor at various sites. The operational creditor raised invoices, but the corporate debtor allegedly did not reconcile the balance statements or respond to emails. A demand notice dated 20.07.2021 was issued under Section 8 of the IBC, but the corporate debtor failed to repay the debt of Rs. 9,75,02,061/-, inclusive of interest. The corporate debtor claimed non-receipt of the demand notice due to a shifted office. The operational
…Between 2016 and 2019, the operational…
The operational…