The case involves an application filed by Eco Green Products Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Gajanand Corporation Private Limited (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 1,70,10,785.64/- including interest at 24% per annum as on 22.09.2020. The Corporate Debtor denied the default amount, citing disputes over product quality and financial difficulties due to a major client entering CIRP and the COVID-19 pandemic.
Eco Green Products Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gajanand Corporation Private Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 1,70,10,785.64/- including interest at 24% per annum as of 22.09.2020. The Operational Creditor supplied Fly Ash Blocks and AAC Block Jointing Chemical to the Corporate Debtor starting in 2017, raising invoices for the supplied goods. The due date for payment was the invoice date. The Operational Creditor maintained a running account, with the last invoice raised on 21.08.2018. The Corporate Debtor acknowledged the debt in an email dated 09.07.2018. The
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Corporate Debtor approached Operational Creditor…
Operational Creditor raised invoices for the…
The case involves an application filed by Eco Green Products Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Gajanand Corporation Private Limited (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 1,70,10,785.64/- including interest at 24% per annum as on 22.09.2020. The Corporate Debtor denied the default amount, citing disputes over product quality and financial difficulties due to a major client entering CIRP and the COVID-19 pandemic.
Eco Green Products Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gajanand Corporation Private Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 1,70,10,785.64/- including interest at 24% per annum as of 22.09.2020. The Operational Creditor supplied Fly Ash Blocks and AAC Block Jointing Chemical to the Corporate Debtor starting in 2017, raising invoices for the supplied goods. The due date for payment was the invoice date. The Operational Creditor maintained a running account, with the last invoice raised on 21.08.2018. The Corporate Debtor acknowledged the debt in an email dated 09.07.2018. The
…Corporate Debtor approached Operational Creditor…
Operational Creditor raised invoices for the…