The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by CJ Chemical Pvt Ltd (Operational Creditor) against L N Industries India Ltd (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt. The Operational Creditor claimed a default of Rs. 3,00,50,089, while the Corporate Debtor admitted the debt but disputed the quantum, stating that only Rs. 2,50,00,000 was due. The Operational Creditor had issued a demand notice on 10.12.2021, for a debt that was due and defaulted on 10.02.2020.
CJ Chemical Pvt Ltd, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against L N Industries India Ltd, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in payment of an operational debt amounting to Rs. 3,00,50,089. A demand notice in Form-3 was issued on 10.12.2021, for a debt that was due and defaulted on 10.02.2020. The Corporate Debtor admitted the debt but disputed the quantum, contending that only Rs. 2,50,00,000 was due. The Corporate Debtor stated that it had approached the applicant to settle the dues due to financial crises. The Adjudicating Authority noted that the Corporate Debtor did not
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by CJ Chemical Pvt Ltd (Operational Creditor) against L N Industries India Ltd (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt. The Operational Creditor claimed a default of Rs. 3,00,50,089, while the Corporate Debtor admitted the debt but disputed the quantum, stating that only Rs. 2,50,00,000 was due. The Operational Creditor had issued a demand notice on 10.12.2021, for a debt that was due and defaulted on 10.02.2020.
CJ Chemical Pvt Ltd, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against L N Industries India Ltd, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in payment of an operational debt amounting to Rs. 3,00,50,089. A demand notice in Form-3 was issued on 10.12.2021, for a debt that was due and defaulted on 10.02.2020. The Corporate Debtor admitted the debt but disputed the quantum, contending that only Rs. 2,50,00,000 was due. The Corporate Debtor stated that it had approached the applicant to settle the dues due to financial crises. The Adjudicating Authority noted that the Corporate Debtor did not
…Date on which the…
Operational Creditor…