K. Amishkumar Trading Pvt. Ltd. filed a Company Petition on 2020-12-22 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against KLT Automotive & Tubular Products Ltd. The petition pertains to an operational debt of Rs. 13,10,53,327.49, which includes Rs. 9,58,41,443.67 outstanding on invoices and Rs. 3,52,11,883.82 as interest at 18% p.a. from 2018-12-01 to 2020-12-14. The Operational Creditor had previously filed a commercial suit which resulted in a settlement deed, but the Corporate Debtor failed to fully comply with the settlement terms.
K. Amishkumar Trading Pvt. Ltd. (Operational Creditor) filed a petition against KLT Automotive & Tubular Products Ltd. (Corporate Debtor) for an outstanding operational debt of Rs. 13,10,53,327.49, comprising Rs. 9,58,41,443.67 on invoices and Rs. 3,52,11,883.82 as interest. The date of default was 2019-05-10. Previously, the Operational Creditor had filed a commercial suit against the Corporate Debtor, which led to a settlement deed dated 2016-09-22, where the Corporate Debtor agreed to pay Rs. 21,00,00,000. However, only Rs. 12,50,00,000 was paid. Subsequently, a consent term was agreed upon on 2018-12-21, where the Corporate Debtor agreed to pay Rs. 7,50,00,000 as a full and final settlement, but only Rs. 4,02,00,000 was paid. A demand notice was issued on
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Corporate Debtor agreed…
Corporate Debtor agreed…
K. Amishkumar Trading Pvt. Ltd. filed a Company Petition on 2020-12-22 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against KLT Automotive & Tubular Products Ltd. The petition pertains to an operational debt of Rs. 13,10,53,327.49, which includes Rs. 9,58,41,443.67 outstanding on invoices and Rs. 3,52,11,883.82 as interest at 18% p.a. from 2018-12-01 to 2020-12-14. The Operational Creditor had previously filed a commercial suit which resulted in a settlement deed, but the Corporate Debtor failed to fully comply with the settlement terms.
K. Amishkumar Trading Pvt. Ltd. (Operational Creditor) filed a petition against KLT Automotive & Tubular Products Ltd. (Corporate Debtor) for an outstanding operational debt of Rs. 13,10,53,327.49, comprising Rs. 9,58,41,443.67 on invoices and Rs. 3,52,11,883.82 as interest. The date of default was 2019-05-10. Previously, the Operational Creditor had filed a commercial suit against the Corporate Debtor, which led to a settlement deed dated 2016-09-22, where the Corporate Debtor agreed to pay Rs. 21,00,00,000. However, only Rs. 12,50,00,000 was paid. Subsequently, a consent term was agreed upon on 2018-12-21, where the Corporate Debtor agreed to pay Rs. 7,50,00,000 as a full and final settlement, but only Rs. 4,02,00,000 was paid. A demand notice was issued on
…Corporate Debtor agreed…
Corporate Debtor agreed…