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 claimed that the Corporate Debtor defaulted on payments for spices supplied from May 2017 onwards. The Corporate Debtor allegedly issued cheques that were dishonored due to insufficient funds. The Operational Creditor served a statutory demand notice, but the Corporate Debtor neither replied nor made any payments. The Corporate Debtor contested the application, alleging that the spices supplied were of substandard quality and were rejected.
M/s Sahni International (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, to initiate CIRP against M/s LRM Spices Private Limited (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 36,36,706/-, including principal (Rs. 29,68,740/-) and interest (Rs. 6,67,966/-), calculated at 18% per annum from September 2018 to January 2020. The Corporate Debtor and Operational Creditor had business relations since May 2017, with the Corporate Debtor placing orders for spices. The Operational Creditor supplied spices as per the orders. The Corporate Debtor issued cheques to discharge its liability, but one cheque (No. 296964 for Rs. 5,19,199/-) was dishonored due to insufficient funds. The Corporate Debtor requested the Operational Creditor not
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The Corporate Debtor…
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 claimed that the Corporate Debtor defaulted on payments for spices supplied from May 2017 onwards. The Corporate Debtor allegedly issued cheques that were dishonored due to insufficient funds. The Operational Creditor served a statutory demand notice, but the Corporate Debtor neither replied nor made any payments. The Corporate Debtor contested the application, alleging that the spices supplied were of substandard quality and were rejected.
M/s Sahni International (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, to initiate CIRP against M/s LRM Spices Private Limited (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 36,36,706/-, including principal (Rs. 29,68,740/-) and interest (Rs. 6,67,966/-), calculated at 18% per annum from September 2018 to January 2020. The Corporate Debtor and Operational Creditor had business relations since May 2017, with the Corporate Debtor placing orders for spices. The Operational Creditor supplied spices as per the orders. The Corporate Debtor issued cheques to discharge its liability, but one cheque (No. 296964 for Rs. 5,19,199/-) was dishonored due to insufficient funds. The Corporate Debtor requested the Operational Creditor not
…The Corporate Debtor…
An outstanding payment…