The case involves a petition filed by M/s Index Logistics Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s JMS Logistics and Express Pvt Ltd (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 6,92,30,281/-. The Corporate Debtor argued that the debt was time-barred and the petition violated Section 10A of the IBC.
M/s Index Logistics Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s JMS Logistics and Express Pvt Ltd (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 6,92,30,281/- (including interest at 18%). The petition was filed on 20/11/2020. The Corporate Debtor had approached the Operational Creditor in June 2016 expressing willingness to do business. The Corporate Debtor, in an email dated 27.08.2020, admitted a debt liability of Rs. 5,22,58,376/-. The Corporate Debtor issued cheques for Rs. 50,00,000/- which were dishonored due to insufficient funds. The
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M/s JMS Logistics and Express Pvt Ltd.…
The Operational…
The case involves a petition filed by M/s Index Logistics Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s JMS Logistics and Express Pvt Ltd (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 6,92,30,281/-. The Corporate Debtor argued that the debt was time-barred and the petition violated Section 10A of the IBC.
M/s Index Logistics Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s JMS Logistics and Express Pvt Ltd (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 6,92,30,281/- (including interest at 18%). The petition was filed on 20/11/2020. The Corporate Debtor had approached the Operational Creditor in June 2016 expressing willingness to do business. The Corporate Debtor, in an email dated 27.08.2020, admitted a debt liability of Rs. 5,22,58,376/-. The Corporate Debtor issued cheques for Rs. 50,00,000/- which were dishonored due to insufficient funds. The
…M/s JMS Logistics and Express Pvt Ltd.…
The Operational…