The case involves an application filed by M/s Sahni International, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s LRM Spices Private Limited, the Corporate Debtor. The Operational Creditor claims that the Corporate Debtor defaulted on payments for spices supplied from May 2017 onwards. The Corporate Debtor disputes the claim, alleging that the spices supplied were of substandard quality and were rejected.
M/s Sahni International, the Operational Creditor, filed a petition under Section 9 of the IBC, 2016, to initiate CIRP against M/s LRM Spices Private Limited, the Corporate Debtor. The Operational Creditor claimed a debt of Rs. 36,36,706/-, including a principal of Rs. 29,68,740/- and interest of Rs. 6,67,966/-, calculated at 18% per annum from September 2018 to January 2020. The Corporate Debtor had been placing orders with the Operational Creditor for the supply of spices since May 2017. The Operational Creditor supplied the spices as per the orders and raised invoices, which were duly delivered and acknowledged by the Corporate Debtor. The Corporate Debtor allegedly defaulted on payments, leading to an outstanding amount of Rs. 29,68,740/- as of September 2018. The
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Corporate Debtor started placing orders with…
An outstanding payment…
The case involves an application filed by M/s Sahni International, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s LRM Spices Private Limited, the Corporate Debtor. The Operational Creditor claims that the Corporate Debtor defaulted on payments for spices supplied from May 2017 onwards. The Corporate Debtor disputes the claim, alleging that the spices supplied were of substandard quality and were rejected.
M/s Sahni International, the Operational Creditor, filed a petition under Section 9 of the IBC, 2016, to initiate CIRP against M/s LRM Spices Private Limited, the Corporate Debtor. The Operational Creditor claimed a debt of Rs. 36,36,706/-, including a principal of Rs. 29,68,740/- and interest of Rs. 6,67,966/-, calculated at 18% per annum from September 2018 to January 2020. The Corporate Debtor had been placing orders with the Operational Creditor for the supply of spices since May 2017. The Operational Creditor supplied the spices as per the orders and raised invoices, which were duly delivered and acknowledged by the Corporate Debtor. The Corporate Debtor allegedly defaulted on payments, leading to an outstanding amount of Rs. 29,68,740/- as of September 2018. The
…Corporate Debtor started placing orders with…
An outstanding payment…