The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Nitin Sharma, Partner, Accurate Corrugation Industries (Operational Creditor/Petitioner) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Hindustan Spirits Limited (Corporate Debtor/Respondent). 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. The Operational Creditor supplied corrugation boxes to the Corporate Debtor, and invoices were raised between 14.12.2016 and 22.03.2017. The Corporate Debtor failed to make payments despite repeated reminders.
Accurate Corrugation Industries, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hindustan Spirits Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for corrugation boxes supplied between 14.12.2016 and 22.03.2017, resulting in a total outstanding amount of Rs. 10,50,950/- as principal and Rs. 8,06,100/- as interest till 31.07.2019. A demand notice was issued on 05.08.2019. The Corporate Debtor argued that there was a pre-existing dispute, pointing to a Memorandum of Understanding indicating a dispute since 2018. The Corporate Debtor also claimed that the Operational Creditor had
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M/s Hindustan Spirits…
In 2016, the Corporate Debtor approached the…
The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Nitin Sharma, Partner, Accurate Corrugation Industries (Operational Creditor/Petitioner) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Hindustan Spirits Limited (Corporate Debtor/Respondent). 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. The Operational Creditor supplied corrugation boxes to the Corporate Debtor, and invoices were raised between 14.12.2016 and 22.03.2017. The Corporate Debtor failed to make payments despite repeated reminders.
Accurate Corrugation Industries, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hindustan Spirits Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for corrugation boxes supplied between 14.12.2016 and 22.03.2017, resulting in a total outstanding amount of Rs. 10,50,950/- as principal and Rs. 8,06,100/- as interest till 31.07.2019. A demand notice was issued on 05.08.2019. The Corporate Debtor argued that there was a pre-existing dispute, pointing to a Memorandum of Understanding indicating a dispute since 2018. The Corporate Debtor also claimed that the Operational Creditor had
…M/s Hindustan Spirits…
In 2016, the Corporate Debtor approached the…