The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Nitin Sharma, Partner of Accurate Corrugation Industries (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Hindustan Spirits Limited (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 10,50,950/- plus interest of Rs. 8,06,100/- till 31.07.2019. The Corporate Debtor argued that there was a pre-existing dispute and that the application was not maintainable.
Accurate Corrugation Industries, the Operational Creditor, filed a petition under Section 9 of the IBC to initiate CIRP against Hindustan Spirits Limited, the Corporate Debtor. The Operational Creditor claimed a default of Rs. 10,50,950/- plus interest. The Corporate Debtor argued a pre-existing dispute. The Corporate Debtor had approached the Operational Creditor in 2016 to act as a supplier agent for corrugation boxes. The Operational Creditor maintained a running account. As of 24.04.2018, the principal amount outstanding was Rs. 10,50,950/-, and the interest till 31.07.2019 was Rs. 8,06,100/-. The Corporate Debtor failed to make payments for invoices dated 14.12.2016 to 22.03.2017. A demand notice was issued on 05.08.2019. The Corporate Debtor replied on
…Sign in to view the parties.
The Corporate Debtor approached the…
Invoices issued from…
The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Nitin Sharma, Partner of Accurate Corrugation Industries (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Hindustan Spirits Limited (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 10,50,950/- plus interest of Rs. 8,06,100/- till 31.07.2019. The Corporate Debtor argued that there was a pre-existing dispute and that the application was not maintainable.
Accurate Corrugation Industries, the Operational Creditor, filed a petition under Section 9 of the IBC to initiate CIRP against Hindustan Spirits Limited, the Corporate Debtor. The Operational Creditor claimed a default of Rs. 10,50,950/- plus interest. The Corporate Debtor argued a pre-existing dispute. The Corporate Debtor had approached the Operational Creditor in 2016 to act as a supplier agent for corrugation boxes. The Operational Creditor maintained a running account. As of 24.04.2018, the principal amount outstanding was Rs. 10,50,950/-, and the interest till 31.07.2019 was Rs. 8,06,100/-. The Corporate Debtor failed to make payments for invoices dated 14.12.2016 to 22.03.2017. A demand notice was issued on 05.08.2019. The Corporate Debtor replied on
…The Corporate Debtor approached the…
Invoices issued from…