The case involves a Company Petition (IB) No. 154/KB/2022 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Abdul Hannan (Operational Creditor/Applicant) against M/s. Jai Jute and Industries Limited (Corporate Debtor/Respondent). The Operational Creditor sought to commence the Corporate Insolvency Resolution Process (CIR Process) against the Corporate Debtor due to an alleged default of Rs. 2,16,17,430/- with interest. The Corporate Debtor contested the application, citing pre-existing disputes, including a police complaint lodged against the Operational Creditor for supplying inferior quality jute and forgery. The Corporate Debtor also claimed that a settlement agreement was reached, and payments were made, although the Operational Creditor
…The Operational Creditor, Abdul Hannan, claimed a default of Rs. 2,16,17,430/- with interest from the Corporate Debtor, M/s. Jai Jute and Industries Limited, for the supply of raw jute. The debt allegedly fell due from 14.07.2017. The Corporate Debtor confirmed the amount payable on April 01, 2020. The Operational Creditor issued a demand notice under Section 8 of the I&B Code on 17.03.2022. Prior to the demand notice, the Corporate Debtor lodged a police complaint on 17.07.2017 against the Operational Creditor, alleging forgery and short supply of raw jute. Another complaint was lodged on 31.12.2017 for threatening and damaging the reputation of the directors. A settlement agreement was allegedly made on 20.07.2017, with the Corporate Debtor agreeing to pay Rs. 66
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The debt claime…
The Corporate Debtor lodged a police complaint…
The case involves a Company Petition (IB) No. 154/KB/2022 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Abdul Hannan (Operational Creditor/Applicant) against M/s. Jai Jute and Industries Limited (Corporate Debtor/Respondent). The Operational Creditor sought to commence the Corporate Insolvency Resolution Process (CIR Process) against the Corporate Debtor due to an alleged default of Rs. 2,16,17,430/- with interest. The Corporate Debtor contested the application, citing pre-existing disputes, including a police complaint lodged against the Operational Creditor for supplying inferior quality jute and forgery. The Corporate Debtor also claimed that a settlement agreement was reached, and payments were made, although the Operational Creditor
…The Operational Creditor, Abdul Hannan, claimed a default of Rs. 2,16,17,430/- with interest from the Corporate Debtor, M/s. Jai Jute and Industries Limited, for the supply of raw jute. The debt allegedly fell due from 14.07.2017. The Corporate Debtor confirmed the amount payable on April 01, 2020. The Operational Creditor issued a demand notice under Section 8 of the I&B Code on 17.03.2022. Prior to the demand notice, the Corporate Debtor lodged a police complaint on 17.07.2017 against the Operational Creditor, alleging forgery and short supply of raw jute. Another complaint was lodged on 31.12.2017 for threatening and damaging the reputation of the directors. A settlement agreement was allegedly made on 20.07.2017, with the Corporate Debtor agreeing to pay Rs. 66
…The debt claime…
The Corporate Debtor lodged a police complaint…